| 
| Years
to College |
| minimum
|
Monthly
Contribution |
maximum |
|
| $ 50.00 |
$ 100.00 |
$ 200.00 |
$ 300.00 |
$ 400.00 |
$ 500.00 |
|
| $24,004.31 |
| $17,301.91 |
| $12,025.42 |
| $7,871.48 |
| $4,601.27 |
| $2,026.78 |
|
| $48,008.61 |
| $34,603.82 |
| $24,050.84 |
| $15,742.95 |
| $9,202.53 |
| $4,053.56 |
|
| $96,017.23 |
| $69,207.64 |
| $48,101.68 |
| $31,485.91 |
| $18,405.07 |
| $8,107.11 |
|
| $144,025.84 |
| $103,811.47 |
| $72,152.52 |
| $47,228.86 |
| $27,607.60 |
| $12,160.67 |
|
| $192,034.45 |
| $138,415.29 |
| $96,203.35 |
| $62,971.81 |
| $36,810.13 |
| $16,214.22 |
|
| $240,043.06 |
| $173,019.11 |
| $120,254.19 |
| $78,714.77 |
| $46,012.66 |
| $20,267.78 |
|
Above interest is calculated at 8.00%. Final Figures
subject to change depending on the Prime rate. Maximum Interest
on College Savings Account will be 8% and minimum will be 3%.
*Rates are subject to change without notice.
COMPARISON
CHART FOR COLLEGE SAVINGS ACCOUNT
| |
529
COLLEGE SAVINGS PLAN |
COVERDELL
EDUCATION SAVINGS ACCOUNT |
PFCU
COLLEGE SAVINGS ACCOUNT |
| INCOME
LIMITS |
No Limits.
Anyone can contribute |
Ability
to contribute is phased out if your income is $95,000-$110,000
Single or $190,000-$220,000 Married |
No Limits.
Anyone can contribute |
CONTRIBUTION
LIMITS |
Varies
by State from $100,000 to $265,000 lifetime per beneficiary |
$2,000
per year per beneficiary |
$500
per month per beneficiary |
| CONTROL |
Owner maintains
control of assets, decides when withdrawals will be made and
can change beneficiary |
Beneficiary
may assume control at age of majority, 18 or 21 in most states. |
Owner maintains
control of assets, decides when withdrawals will be made and
can change beneficiary |
| USES |
Higher
Education expenses, such as tuition, books and room and board |
Education
expenses, including tuition, books and room and board for kindergarten
through high school, college and graduate school |
Higher
Education expenses, such as tuition, books and room and board |
| ABILITY
TO CHANGE BENEFICIARIES |
Yes |
Yes |
Yes |
PENALTIES
ON
NON-QUALIFIED
WITHDRAWALS |
Ordinary
income taxes and a 10% IRS penalty on earnings |
Ordinary
income taxes and a 10% IRS penalty on earnings |
25% Penalty
on earnings |
PENALTIES
EARLY
WITHDRAWAL |
Ordinary
income taxes and a 10% IRS penalty on earnings |
Ordinary
income taxes and a 10% IRS penalty on earnings |
50% Penalty
on earnings |
| EARNINGS |
Varies
on risk involved.
|
Varies
on risk involved.
|
At Prime
(current 4.00%) |
| INSURANCE |
Not Insured. Value
May Drop |
FDIC Insured. Value
May Drop |
NCUA Insured.
Value will not drop. |
| TAX
TREATMENT |
Tax Exempt
(In case of withdrawal for non-educational purpose, all earnings
will be taxed in the year it is withdrawn) |
Tax Exempt
(In case of withdrawal for non-educational purpose, all earnings
will be taxed in the year it is withdrawn) |
Earnings
subject to tax every year (PFCU will provide the member with
1099-INT each year) |
TRANSFER
TO
OTHER COLLEGE
SAVINGS PLAN |
YES
|
YES
|
YES |
If you have any other
questions about College Savings Plan, contact
us. |
