Parents can save for their children's education with a Coverdell Education Savings Account, a savings arrangement that allows

after-tax contributions of $2,000 per year per child and tax-free withdrawals.

after-tax contributions of $5,000 per year per child and tax-free withdrawals.

pretax contributions of $2,000 per year per child and tax-free withdrawals.

pretax contributions of $5,000 per year per child and tax-free withdrawals.