Can the Department of Education set up a Coverdell for me?

Unfortunately, since we are not financial experts, we cannot set up a Coverdell on your behalf. If you decide to pursue a 530 plan, please consult with your personal financial adviser or a financial institution of your choice.

What is a 530 Coverdell?

 A 530 Coverdell Account, or Education Savings Account, is a type of educational savings plan now available as an option for ESA participants.  Opening a Coverdell for a “beneficiary”, or in this case, your ESA student, allows for a maximum contribution of $2,000 per year to be saved and used for elementary and secondary educational expenses.