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Frequently Asked Questions

What is an Education Investment Account (EIA)?

The EIA is designed to help families save towards future higher education expenses—college and other post-secondary training.

How much do I need to open an account?

The account requires a minimum initial investment of $2,000. The Plan also allows you to make monthly contributions

Can anyone contribute to the account?

Yes. A person need not be an account owner to contribute. Family and friends can make deposits into an existing account.

Must I select a college now?

No. You don’t need to select a college to open and maintain your Account

Does the beneficiary have access to the money?

No. You—not the beneficiary—maintain control over how and when plan assets will be spent for higher education expenses.

What if my child does not attend college?

If your child chooses not to attend college you could transfer the account to another beneficiary; or you can simply withdraw the funds.

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