At Clackamas, we offer two ways to help children and youth to prepare for college.1 If you’re saving for your child’s education, or if you’re a post-secondary student with a limited income, the tools below may help you accomplish your goals.
A Coverdell Savings Account lets you set money aside tax-free.2 As long as you use these savings for a child’s educational expenses, you can withdraw them tax-free, too. Unlike 529 savings plans, Coverdell Savings Accounts can be used on a variety of expenses, not limited to tuition, for most public, private, and parochial schools, from elementary school through college.
To apply for a Coverdell Account, call (503) 656-0671 or stop by a branch.
We’ve partnered with the Northwest Credit Union Foundation to participate in the Matched Education Savings Account (MESA) program. MESA helps hardworking, post-secondary students with limited incomes develop smart savings habits, increase their financial literacy, and pay for college. For every $1 you save, the Northwest MESA program matches it with $3. Students can save up to $500 for a maximum match of $1,500.
To learn more and find out if you’re eligible, visit nwmesa.coop.