Education Savings Plans（ESP）
Elevate your financial preparedness with Education Savings Plans, also known as ESP, empowering you to create an account, deposit funds, and make investments. The earnings from these investments are generally exempt from federal income tax, and many states offer certain deductions on personal income tax as well. ESP accounts are exclusively dedicated to educational purposes, covering expenses such as tuition and fees, textbooks, accommodations, as well as learning materials like computers and software. Savers have the freedom to choose from a variety of investment portfolios, including mutual fund accounts, ETFs, and secure banking products. Some plans have no minimum investment requirements, allowing you to customize your investment strategy according to your preferences, whether through periodic contributions or lump-sum deposits. In addition to higher education, ESP funds can be used to pay for tuition at public, private, or religious K-12 schools, subject to an annual limit of $10,000. Currently, all 50 states in the United States, with the exception of Wyoming, have their own 529 ESP plans.