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Coverdell Education Savings Account
The Coverdell Education Savings Account (formerly the Education IRA) is a popular way to save for a child’s education. Plus, any family member can contribute, so if a grandparent wants to put a little extra in at birthday time, it's easy to do. Take advantage of tax-free earnings as long as the account is used for education before age 30. You can choose from a variety of stocks, bonds and mutual funds.
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