College & Education Savings Plans at HCU

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Hutchinson Credit Union is proud to offer a variety of methods to help every individual make college education an affordable and plausible endeavor for every one of it's members.

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College tuition costs are steadily increasing, and the expected in state and out of state tuition costs will only escalate as time goes on.

College is something that has become a staple of growing up these days. With that in mind, people are always looking for ways to prepare for the expenses of a college education for their children. Hutchinson Credit Union is proud to offer a variety of methods to help every individual make college education an affordable and plausible endeavor for every one of it's members.

One of the first things HCU is offering is known as the 529 Plan. This is an excellent way to get money put away for college while saving money on taxes. It gives each member the flexibility and freedom of tax free earnings growth, and also lends the power of having no federal tax on withdrawals for education expenses after 12/31/2001. This plan will allow members to set aside a high amount for their child, and there are no income limits to restrict eligibility.

Another great option offered by Hutchinson Credit Union is the Coverdell Education Savings Plan. This plan is another excellent option for members who are looking to provide funding for a college eduction for their child. This plan comes with no set up fees and no annual maintenance fees, which makes sure that members are able to save the maximum amount possible for their child. This plan is known as the Coverdell IRA, and allows up to $2,000 to be contributed annually, on top of the $2,000 allowed for the traditional and Roth IRA contributions. The Coverdell Plan allows the funds to not only be used for college expenses, but for K-12 expenses as well, making it a very versatile plan. This plan can even cover expenses for private schooling in a K-12 environment. For more details, please visit the Coverdell Education Savings Plan info page.

With all of these great options available to members, and how easy HCU is making it to get started, there's no better time than now to start saving for a college education for your child. College tuition costs are steadily increasing, and the expected in state and out of state tuition costs will only escalate as time goes on. Get in touch with a Hutchinson Credit Union representative, or visit online to start learning and preparing to save for an investment into your child's future.

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Eric Sparks
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