Get schooled on education savings plans

Accounts to payfor college or even privatehigh schools can be asmart wayfor parents to preparefor their children’s futures. Not everyaccount is thesame, andcertain savings accounts could affectfinancial aid eligibilityand taxes. It is in parents’ andstudents’ best interests to educatethemselves on thevarious education savings plans available to them —and whichones makethe most sense fortheir families.

Familiesshoulddotheirresearchand workwithprofessionalswhounderstand thesubtletiesofschoolsavingsplans. Forexample,accordingtoCappex.com, acollegeinformationsite,students’ incomeandsavingshavealarger,more negativeimpactontheavailability offinancialaidthantheportionof theirparents’assetsfactoredintothe equation.Studentswithsizeablesavings accountsintheirnamemayendup adverselyaffectingtheirfinancialaid eligibility.Afinancialadvisorandloan expertcanadvisefamiliesonthese confusingfinancialfacts.

•529 College Savings Plan: 529accounts areapopular education savings plan. They operateinasimilar fashion to IRA and401(k) plans in that savings foreducation areearnedtaxfree through investment opportunities. SallieMaesays529 plans areoffered by states or educational institutions under Section 529ofthe Internal Revenue Code. These tax-advantaged plans generally have no income limitations andhigh contribution limits. Theusage of funds in 529accounts aresubject to regulations.

•Coverdell Education Savings Account: Coverdell accounts are versatile in that they enable themoney to be spent forelementarythrough college education, whichisalarger rangethan other plans. This is another tax-freeplan when used forschool purposes. Coverdell contributions arecapped at $2,000 per year, and they’reonly available to families below aspecified income level, says the resource SavingforCollege.com.

•UniformGifts to MinorsAct Account: These accounts arenot traditionally designed foreducation but can be established to offer gift assets tominors. Thecustodian of theaccount can sell theassets forthe child’sbenefit at any time, andoncethe child reaches18or21, recipients can use thefunds in whatever manner they choose.However, UGMA mayaffectfinancial aid eligibility.

•Roth IRA: Parents can open up a Roth IRA in their child’snameonce thechild begins earningincome. Even though thereare penalties to takingearningsout beforethe ageof 59.5, exceptions include purchasing afirst home or qualified education expenses. ARoth IRA isn’t subjected to legal andadministrativefees that can come with trusts, whichare another savings avenue.

Parents can help finance their children’s educations through various savings plans. Afinancial advisor may shed more light on whichproducts are best forfamilies.

It’s no secret thatthe world of the near future willbeavery different place. Howdoweprepare ourstudentstoleadin such aworld?Mostimportant—how will they know the right choicestomake? At Moravian Academy we teachour students the skills for thriving in an uncertain world: Creativity, Curiosity, Perseverance, Empathy, Integrity, and Excellence. We may not know what the future holds, but we do know that MoravianAcademy graduates willgoforward with confidence, amoral compass, and, most of all, the curiosity they’ll need to maketheir mark in achanging world.

Lehigh Valley Health Network (LVHN) is the region’slargest employer and health care provider of choice. Because excellent carealways matters, each of our nearly 20,000 health careprofessionals is driven by our mission to heal, comfort and carefor the people of our community.

Nursing excellence at LVHN

LVHN hospitals in the Lehigh Valley arethe only hospitals in the region to have received Magnet® recognition five consecutive times since 2002. This prestigious recognition from the American Nurses Credentialing Center (ANCC) demonstrates LVHN’scommitment to nursing excellence and quality patient outcomes. Only 9.6% of hospitals in the nation hold this honor,and we arethe only Magnet hospital in the Lehigh Valley.

LVHN supports professional nurses to be their best. LVHN nurses areempowered to grow in their nursing career and help shape the future of patient care, while providing compassionate, evidence-based caretoday.LVHN has state-ofthe-art facilities and avariety of specialty areas for nurses to pursue.

LVHN is among the top health networks for preparing futuregenerations of nurses and physicians. Graduate nurses can choose their specialty at LVHN, learnfromknowledgeable, experienced educators and preceptors and apply skills in aspecialized clinical setting. LVHN’sNurse Residency Program for newly licensed nurses is the first nurse residency program in Pennsylvania to receive “Accreditation with Distinction” from the ANCC. Accreditation means LVHN’sprogram is among the best in the nation at preparing new nurses for asuccessful and rewarding career

Highest ranked medical school in the area

The SELECT (ScholarlyExcellence,Leadership Experiences and Collaborative Training) medical schoolprogram from LVHN and University of SouthFlorida(USF) Health Morsani College of Medicine has beentraining the next generation of greatphysicianssince 2011. It’sthe highest-rankedmedical school in the area, accordingtoU.S.News &World Report. Students spendtheir firsttwo years learningina highly progressive, studentcentered medical school,the USFHealth Morsani College of Medicine in Tampa,Fla. They will then spend their final two years learninginsideLVHN, anationallyrecognized, technologically advancedhealth network.

Agreat place to work

LVHN’sgenerous Total Rewards package makes LVHN agreat place to work and grow your career.Inaddition to highly competitive compensation, LVHN offers generous paid time off, exceptional health benefits, comprehensive wellness programs, flexible schedules and remote and hybrid opportunities. LVHN offers career paths for those with no previous experience in health care. Start acareer and grow with support from LVHN every step of the way.Whatever your goal may be, LVHN has an opportunity to get you there. From professional development offerings and internal advancement to educational discounts and tuition reimbursement, the possibilities for growth with LVHN arelimitless.

If you aresomeone who aligns with LVHN’score values –Compassion, Integrity,Collaboration and Excellence –you will have arewarding and successful career here.