The Coverdell Education Savings Account (ESA) is one way to plan for education expenses. You can contribute up to $2,000 per year for each child. The contributions are not tax deductible, and the qualified withdrawals are not taxable.
Qualified expenses include elementary, secondary, and higher education. Qualified expenses may be paid to a private, public, or religious school. Qualified expenses include tuition, books, fees, supplies, equipment, tutoring. In some cases, room and board, uniforms and transportation may also be qualified expenses.