YOUtH MaKE A DIFfEREnCe

Welcome to our web page designed to keep our young members informed of all the services available at G.A.P. Federal Credit Union in order to assure your financial future is smooth sailing.

Congratulations to our 
Christmas 2008 
Coloring Contest winners:

THANKS TO ALL 

Oliver - 2 -  Ebensburg, PA Trinity - 4 - Salix, PA Haylee - 6 - Johnstown, PA Sara - 7 - Mineral Point, PA Anthony - 10 - Sidman, PA

 

WHO PARTICIPATED!!

Open a Coverdell ESA (Education Savings Account) - 
The gift that keeps on giving!

Seeing a child get a good education is every parent's dream. But you may be wondering how you'll pay for rising elementary, high school and college education costs. A Coverdell ESA, formerly known as the Education IRA, may be the answer.

Anyone who meets the income requirements can open and contribute to a child's account. This includes grandparents, aunts, uncles and family friends. 

The Coverdell Education Savings Account is a tax-privileged savings vehicle that replaces and improves upon the old Education IRA (individual retirement account).

Contributions are limited to $2,000 a year per beneficiary, which amounts to about $166 a month. Bit by bit, those savings can accumulate into a tidy sum.

“In terms of the $2,000 a year, that is sufficient for most families to pay for college if you start early enough,” says Mike Arnow, a certified public accountant and certified financial planner in Glendale, Wis.

The chief feature of the Coverdell account is that it shelters investment growth from the tax collector. That means that savings set aside in such accounts--plus the earnings they make--are fully available for qualified school bills.

Besides protecting earnings from taxes, Coverdell accounts offer investment flexibility, transferability, and tax-free withdrawals to cover education costs such as books, tuition, and room and board. And they’re not just for college kids.

“The Coverdell could be used at any school, public or private, and even for grammar school and high school,” Arnow says. They’re also available for students with special needs, regardless of their age.

Coverdell contributions must stop when the child reaches 18, and the account must be spent on schooling by the time the beneficiary reaches 30, unless the student has special needs. Otherwise, the earnings could be subject to income taxes as well as a 10% penalty.

However, unused portions of the Coverdell account may be transferred to a relative--a sibling, niece, nephew, even cousin--to keep the education savings in the family and avoid tax penalties. CONTACT US TODAY FOR MORE DETAILS!
COVERDELL ESA 36 MOS* 
CERTIFICATE OF DEPOSIT
4.40%APY**

*includes Traditional IRA, Roth  IRA & COVERDELL ESA
**all rates subject to change

Education Planning
Education Tax Exclusion

The savings bond education tax exclusion permits qualified taxpayers to exclude from their gross income all or part of the interest paid upon the redemption of eligible Series EE and I Bonds issued after 1989, when the bond owner pays qualified higher education expenses at an eligible institution.

Special tax benefits are available to qualified owners of EE Bonds under the Education Savings Bond Program. For more information, see Tax Reporting for the Education Savings Bond Program

My credit union...where I belong 

Do you know how credit unions are different from banks? How credit unions serve you, the member? Why credit unions began and succeeded?

Learn credit union history without going to school with the newest course in the Guides to Independence series: My credit union...where I belong. This online program is for high school students who may or may not be members of a credit union. It features three college students, Mac, Jess, and Aisha, discussing the history of credit unions and how credit unions help members like you save money.

Plus, find out which came first, credit unions or potato chips?

Social Networking Sites: Safety Tips for Tweens and Teens.OnGuardOnline.gov provides practical tips from the federal government and the technology industry to help you be on guard against Internet fraud, secure your computer, and protect your personal information.

Make sure your child's web environment is safe. Logon to any of the following sites for more information:

www.GetNetWise.com      www.BeWebAware.com     www.isafe.org

FactFinder at Kid's Corner sponsored by the U.S. Census Bureau

Kids.gov - The official Kid's Portal for the U.S. Government

STUDENT LOANS WEIGHING YOU DOWN??

Your not alone! Lots of people have dealt with the frustration of student loans before.  Some of what they did worked. Some of it didn't. www.youcandealwithit.com has gathered everything that helped them, to help you!  Just logon and take a look!

MONEY MAKING IS COOL! LEARNING HOW IS EVEN COOLER!!
Googolplex contains stories, games, and puzzles for elementary, middle, and high school students.  It's all about money--getting it, saving it, spending it, borrowing it.  It'll show you how business and the economy work and how you can take control of your financial future.  And it'll make you laugh. Read Googolplex today. And come back regularly. You'll find something new each month.  It's just one more way G.A.P. FEDERAL CREDIT UNION can help you make the most of your money!

TEENS: How would you like the keys to a new car?Freedom, independence, control. You want it? You've gotta earn it. Want your own checking account? You need to show that you know the rules. Just like driving a car. No license? No car.

How do you show you're ready for the keys to financial independence? Guides to Independence  allows teens like you to prove your ability to "learn the rules" through a series of interactive online courses.

For each 10-20 minute Guides to Independence online money course you complete, you'll earn one free music download from the eMusic library of more than 1.4 million songs.

Designed for teenagers and young adults, the courses are quick, interactive, and fun. Our young narrators will show you how to buy a car, use a credit card, reach your financial goals, and other useful information.

We believe that learning about money and credit is the way to financial independence. We want you to be smart about your money because your financial success is music to our ears.

Keep coming back, because new courses will be added throughout the year!