Saving for Education Requires a Hefty Backpack! If you are looking for a solution to the rising costs of education, whether it's in just a couple of

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Saving for Education Requires a Hefty Backpack!

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Public four-year colleges charge, on average, $7,020 per year in tuition and fees for students who live in their state. The average surcharge for full-time out-of-state students at these institutions is $11,528. At two-year colleges, the average cost for tuition and fees is $2,544. Private four-year colleges charge, on average, $26,273 per year in tuition and fees.

If you are looking for a solution to the rising costs of education, whether it's in just a couple of years or 10 plus years from now, The Extension Loan Fund has a reasonable and safe answer: A Coverdell Educational Savings Account.

Although the IRS limits the amount of contribution to and ESA account, You can put up to $2,000 annually into the account each year. A person can contribute to multiple Coverdell ESA funds, but the total contribution limit remains at $2,000.

If a person starts a plan at birth and contributes the max amount each year for a total of 18 years, total contributions would total $36,000.00. Given the Extension Loan Fund's current rate of return on ESA's, this would have an investment maturity value of $57,251.60 and based on the current cost of tuition at a public university, this would cover tuition and then some, even considering inflation.

As a guardian you can set up an account for your child and anyone; grandparents, relatives, friends and even the student beneficiary can contribute to the account.

The best part! The earnings on contributions are never taxed. Unfortunately the contributions themselves are not deductible, but the student beneficiary avoids the capital gains tax and other taxes when withdrawing funds (as long as the money is used for qualified purposes. e.g. tuition, fees, books, limited housing, and school supplies).

The funds can be used for virtually any public, private or religious primary, secondary or post-secondary school tuition, fees, etc.

Contact the Extension Loan Fund to begin an Educational Savings Account (ESA) to support your families' next generation of scholars.

Tree of Life Church in Lynchburg has Many Branches

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To read more about Tree of Life Ministries visit their website at www.tolm.net.

"Being confident of this very thing, that he who began a good work in you will perfect it until the day of Jesus Christ." Philippians 1:6

Tree of Life Church began their good work in March of 1990 opening a church in Lynchburg, Virginia located at Timbrook Square on highway 460. In the twenty years that has passed, the Lord has been perfecting His work through Tree of Life Ministries by revitalizing and planting more than 7 other churches which has transformed communities for the glory of God.

Pastors Mike and Debie Dodson have an incredible vision for ministry and a remarkable anointing for planting and growing churches.

In late 2007, The Extension Loan Fund board approved a construction loan to build the new Tree of Life Sanctuary that is located at 2812 Greenview Drive. In June 2010, David Parker, president of the Extension Loan Fund celebrated with the congregation at the dedication of their new building and rejoiced in the fact that communities in and around Lynchburg are being discipled.

As an investor in the Extension Loan Fund, you too have reason to rejoice; because your deposits into the Fund help provide the financing of this beautiful facility and the many hundreds of other loans like this one all accross the United States.

To Learn more about investing with the Extension Loan Fund visit www.elfiphc.org.

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Diagram of New Sanctuary

 
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Raising the Roof

 
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Facility Dedicated on June 6, 2010

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