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Educational Funding: Coverdell Savings
 

Coverdell Education Savings Accounts

Formerly known as the Education IRA, the Coverdell Education Savings Accounts let families with adjusted gross incomes of up to $220,000 save up to $2,000 a year tax-free for education expenses (for single filers, the income cap is $110,000).

"It's a very good entry-level college savings plan," said Brian Oral, a planner in Raleigh, N.C., because it works for families who can afford to save only a little bit each month and for those who plan to use the funds to pay for private elementary and high schools. The big appeal of Coverdells is you have a lot more investment options than 529s. However, Coverdell savings count against you when schools award financial aid because they are held in the student's name.

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