Education Savings Accounts
Get on the fast track to your dream with an Education Savings Account!
Education is one of the best investments you can make—but it can also become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load, from kindergarten to college.
|✔ Set aside funds for your child's education||✔ Designated beneficiary must be under 18 when contributions are made|
|✔ Dividends grow tax-free*||✔ To contribute to a Coverdell ESA, certain income limits apply*|
|✔ Withdrawals are tax-free and penalty-free when used for qualifying education expenses*||✔ Contributions are not tax deductible|
|✔ The Coverdell ESA may be transferred without penalty to another member of the family||✔ $2,000 maximum annual contribution per child|
|✔ Contributions are allowed regardless of Traditional or Roth IRA participation||✔ The money must be withdrawn by the time the beneficiary turns 30|
*Consult a tax advisor.
Del-One Scholarship Program
Calling all Delaware High School Seniors!
Think you could use some extra help with college costs? Each year, Del-One Federal Credit Union will award two $2,500 scholarships to students that meet the eligibility requirements. We will award scholarships to students who meet the following conditions:
✔ Del-One member, son or daughter of a Del-One member, or grandchild of a Del-One member
✔ Student must begin an accredited college program no later than fall of current year
✔ Must be a student in good standing
✔ Must demonstrate community involvement
✔ Must submit a one to two page essay explaining how this scholarship will assist in reaching educational goals