education ira definition
DEFINITION of 'Education IRA'. A savings plan for higher education. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18.The education IRA is now refered to as the Coverdell ESA. savings plan for higher education. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18.