Investing For Education

You can use New Covenant Funds to save for a child's education. A Coverdell Education Savings Account (ESA), which allows you to provide additional support for qualified education expenses including elementary, secondary, and higher education, can be established with a New Covenant Fund account.

Download a Coverdell Education Account Application or contact Shareholder Services at 877-835-4531.

Here are answers to some frequently asked questions about about Coverdell ESAs:

How much can I contribute each year?
You may contribute up to $2000 per child under 18, as long as your adjusted gross income is under $110,000 for a single taxpayer or less than $220,000 for taxpayers filing jointly.

Am I taxed on my withdrawals?
Distributions are generally tax-free if the distributions are used to pay qualified education expenses of the child.

Can I make a deduction for the contributions on my income taxes?
Contributions to the account are not tax-deductible by the contributor.

How do I set up a Coverdell Education Saving Account (ESA)?
To set up a Coverdell ESA, fill out a New Covenant Funds application. Download an application or contact Shareholder Services at 877-835-4531.