All of the following statements concerning educational funding are correct EXCEPT:

If used to pay for qualified higher education expenses at an eligible institution or state tuition plan, Series EE Unsited States Savings Bonds offer significant tax savings.

The Lifetime Learning Credit is a tax credit available to pay for tuition and enrollment fees for undergraduate, graduate or professional degree programs.

The Uniform Gift to Minor's Act (UGMA) allows parents the option to put assets in a custodial account for a child once the child exceeds the age of 14.

The American Opportunity Tax Credit is available for qualified tuition and enrollment fees incurred in the first four years of post-secondary education for the taxpayer, spouse, or dependent.