Formerly known as the Education IRA, is a great way for parents, grandparents and others to help meet the rising costs of a student’s education, while taking advantage of tax-deferred savings.

• Purpose: A Coverdell ESA is used to pay for qualified education expenses for a designated beneficiary, such as tuition, books, supplies, and room and board
• Contribution Limits: $2000 per beneficiary.
• Eligibility: The beneficiary must be under 18 or have special needs when the account is established.
• For more information on Coverdell click here and here.

Free Application for Federal Student Aid (FAFSA) is a free application that students use to apply for federal and state student aid: Federal grants, Work-study funds, and Loans.

• FAFSA Portal
• What is FAFSA
• Check your State and Federal application deadlines (California is around March 1st)
• DACA and Noncitizen students also see the California Dream Act Application

LendKey offers private student loans using a network of financial institutions. Students must generally meet age, credit, and citizenship requirements before loan approval. Student applicants who do not have a credit history or a steady source of income will oftentimes need to apply with a qualified cosigner.

• LendKey Portal

A 2nd Mortgage or Home Equity Line of Credit from Upward Credit Union may be an affordable option to consider when researching ways to fund education expenses.