New Mexico Students Awarded 529 Account Scholarships from National Junior Honor Society
The 2023 National Junior Honor Society (NJHS) Outstanding Achievement Award Recipients have been announced! The Education Plan is proud to congratulate the New Mexico students who won the award this year, including Lilyan Russel and Caden Torrez, both from Clovis, and Annabelle Wells, from Carlsbad.
This marks the eighth year that 500 NJHS students from across the country were selected to receive $500 awards in the form of a 529 account with The Education Plan. To date, $2 million has been awarded to 4,000 middle school students around the country.
The award recognizes middle school students who have demonstrated their commitment to the five pillars of the NJHS – scholarship, service, leadership, character and citizenship. Please read on to learn about New Mexico students who received this prestigious award, and learn more about their service, leadership, and character.
Lilyan Russell, Clovis NM
Lilyan is a highly motivated student who plans to do great things with her future. She expects to complete her associate’s degree while in high school, and then move on to her bachelor’s degree after graduation. Lilyan also has a wide variety of interests and hobbies; she’s on her school's swim team, loves to read and volunteers often to learn more about her Clovis, New Mexico community. She is thankful for the opportunity her new 529 account will give her to save for her future.
Annabelle Wells, Carlsbad NM
Annabelle uses all her energy to help make a difference for other youth and teens in Carlsbad, New Mexico by participating in the Teen Court of Eddy County and the Carlsbad Community Anti Drug/Gang Coalition Youth Council. She spends plenty of time outdoors and in clubs like the Zia SharpShooters. Annabelle also plays multiple instruments, reads, and hunts and fishes in her free time.
About the National Junior Honor Society
The National Junior Honor Society (NJHS) elevates a school’s commitment to the values of scholarship, service, leadership, character, and citizenship and helps middle-level students develop the knowledge and skills to become well-rounded student leaders in their school, community, and beyond.
NJHS chapters operate in all 50 states and schools around the world, engaging and serving more than one million students. Each year, the average NJHS chapter contributes:
- 650 hours of school/community service
- $1,000 in charitable donations
- 500 pounds of food to local, state, and national causes
- 375 pints of blood
Reflecting school leaders’ profound commitment to student leadership development, the National Association of Secondary School Principals (NASSP) founded NJHS in 1928 with the purpose of creating enthusiasm for scholarship; stimulating a desire to render service; promoting leadership; encouraging responsible citizenship; and developing character in secondary school students.
In addition to NJHS, NASSP founded and manages the National Honor Society (est. in 1921), National Student Council (est. in 1931), and National Elementary Honor Society (est. in 2008).
Frequently Asked Questions
A 529 plan is a tax-advantaged investment account that is designed to grow savings for future education expenses for a specified beneficiary. 529 plans offer unique benefits and features that make them an appealing strategy for education related saving.
A 529 plan can be used for “qualified educational expenses.” For federal tax purposes, qualified educational expenses include:
- Tuition and fees at accredited higher education institutions
- Books
- Supplies and equipment
- Room and board for beneficiaries attending on at least a half-time basis.
- Computer technology, equipment, and internet access
- Up to $10,000 a year for K-12 tuition and expenses (Limit increase to $20,000 in 2026)
- Expenses for educational special needs services
- Transfers to an ABLE account for the beneficiary (transfer subject to annual limit)
- Apprenticeship expenses
- Up to $10,000 for student loan repayment
- Credentialing expenses and certification programs
- Roth IRA rollover for the beneficiary
If you're not sure if an expense is considered "qualified," we recommend consulting with a tax professional or advisor. Unqualified expenses will be treated like ordinary income: state and federal taxes will apply, with a 10% federal penalty for withdrawals from your 529 plan used to pay for them.
New Mexico residents can deduct contributions to The Education Plan from their state taxable income each year. This includes contributions made to an account that you are not the account owner of.
You cannot deduct contributions from federal income taxes.
Any person at least 18 years old with a valid Social Security Number (SSN) or Tax Identification Number (TIN) can open a 529 account. The account holder chooses the investment options, designates a beneficiary, and requests the distribution of funds.
The cost of college continues to rise, including tuition, housing, food and supplies, so it’s important to begin saving as soon as possible. You can learn more about how much a typical college education costs on our Cost of College page. It’s never too early or too late to start.
The Education Plan offers a variety of investment options to fit you and your family’s needs, risk tolerance and goals. You can see all of the available investment portfolios on the investments page.
Yes, you can use up to $20,000* a year to cover tuition and expenses for K-12 education.
Qualified K-12 expenses include:
- Tuition (public, private, and religious)
- Curriculum materials, books (including digital/online) and instructional materials
- Tutoring and instructional classes**
- Fees for a nationally standardized norm-referenced achievement test, an advanced placement examination, or any examinations related to college or university admission
- Dual enrollment program fees
Educational therapies for students with disabilities provided by a licensed or accredited practitioner or provider, including occupational, behavioral, physical, and speech-language therapies
*Starting in tax year 2026. The annual limit is $10,000 in tax year 2025 and permitted for tuition only.
**Tuition for tutoring or educational classes outside of the home, including at a tutoring facility, but only if the tutor or instructor is not related to the student and—
(i) is licensed as a teacher in any State,
(ii) has taught at an eligible educational institution,
or (iii) is a subject matter expert in the relevant subject.
You can open an account with The Education Plan online or by mailing in the enrollment form. In order to open an account, you will need the following information:
- Your social security number or TIN
- Your address
- Your bank account information (in order to fund the account)
- The beneficiary’s social security number or TIN
- The beneficiary’s birthday
-The beneficiary’s address
