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Education Savings

Invest in your child or other family member’s educational future with accounts that may give you tax benefits in exchange for saving money.1

Grow your savings for growing minds

Education can come with a hefty price tag. Learn about your options to get ahead of school-related costs for your loved ones.

Coverdell Education Savings Account (CESA)

Save funds to pay for qualified education expenses for a designated recipient under the age of 18 (or any age for a special needs beneficiary).2 Watch your earnings grow tax-free.3

Account specifics:

  • The account can be established by a beneficiary’s parent, grandparent, or another interested individual.
  • The designated beneficiary must be a member of SECU and be either under the age of 18 or a special needs beneficiary2 at the time the account is established.
  • A parent or legal guardian must be named as the responsible individual.
  • Contributions, capped at $2,000 per year, are made with after-tax dollars.4
  • Withdrawals are tax-free if used to pay for qualified elementary, secondary, and higher education expenses.

Additional account information:

NC 529 Plan

The NC 529 Plan is an education savings plan that enables participants to invest funds to pay for qualified education expenses of their designated beneficiaries. You can make contributions, starting with $25, as often as you like. Funds can be used for the beneficiary's college tuition, student loan payments, and more. The NC 529 Plan is administered by College Foundation, Inc. (CFNC). You don’t have to be an SECU member or a North Carolina resident to open an NC 529.