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Investments > Saving for Education > Education Funding FAQs
Education Funding FAQs

Q. What does it cost to open a custodial account or Coverdell Education Savings Account?
A. There is no charge to open either type of account. You may invest the minimum amount required for either account or, if you choose an automatic investment plan, you can open an account with no initial investment and systematic investments thereafter.
 
Q. How do I open a custodial account or Coverdell Education Savings Account?
A. To open either type of account, contact your financial representative with Thrivent Financial for Lutherans for an application. He or she will be happy to assist you.
 
Q. Can I withdraw the money I invest in a custodial account?
A. You can withdraw the money only if it is used for the child's benefit. When the child reaches the "turnover" age (usually 18 or 21; varies by state), he or she will be entitled to the assets in the account without restriction.
 
Q. When can I withdraw the money I've invested in a Coverdell Education Savings Account?
A. In order for a withdrawal to be tax and penalty free, the money must be used to pay for qualified education expenses. These include tuition, fees, books, supplies and equipment required by an eligible educational institution. Room and board is also considered an eligible expense if the student is in school at least half-time.
 
Q. Can I decide how to invest the contributions I make to either a custodial account or Coverdell Education Savings Account?
A. Yes. You can tell us where and how you would like the contributions invested. The Thrivent Mutual Funds offer a variety of investment choices, from conservative to aggressive, to help you fund the child's education.
   
   

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Appleton Office:
4321 N. Ballard Road
Appleton, WI 54919-0001 USA
800-THRIVENT
(800-847-4836)
E-mail: mail@thrivent.com

Minneapolis Office:
625 Fourth Avenue S.
Minneapolis, MN 55415-1624 USA
800-THRIVENT
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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.

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This document was last updated on Thursday, December 28, 2006 at 12:04 PM