While 529 plans get all the publicity, Coverdell Education Savings Accounts often offer more advantages to those saving for college, Reuters reports.

Many financial advisers now call Coverdells, formerly dubbed Education IRAs, a better idea than 529s because their tax-free earnings can be applied toward not just college, but also private elementary and high school tuition. They also possess lower limits than 529s. Single incomes of less than $95,000 and dual incomes of greater than $190,000 do stop would-be Coverdellers from opening accounts, but it is permitted for the earner to open accounts in his or her child’s name.

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