Three New Mexico Students Win 529 College Savings Scholarship
Each year, the National Junior Honor Society (NJHS) presents Outstanding Achievement Awards to 500 of the highest achieving middle school students nationwide. More than one million students participate in NJHS from all 50 states, U.S. territories, and around the world.
New Mexico’s three winners this year include Kaleeya Englant and Theresa Robertson, both from Clovis, and Olivia Pacheco, from Rio Rancho. As award winners, each student received a $500 contribution in their names to a 529 savings account administered by The Education Plan, an investment that will help them pay for tuition, room and board, and other higher education expenses. Studies show that youth with as little as $500 in college savings are three times as likely to go to college and four times as likely to graduate. Contributions to 529 accounts grow tax-free and ease the burden of loan debt.
We sat down with Kaleeya, Theresa and Olivia to learn what having a 529 account with The Education Plan means to them, and what they see in their futures.
Kaleeya Englant
Kaleeya had many plans for NJHS this year, but they were put on hold due to COVID-19. Activities she looks forward to next year include making gift bags for janitors and taking stuffed animals to children in the hospital. For Kaleeya, the best part of participating in NJHS is community service and the kind-hearted people she meets. Although it was hard to pick just one, her favorite subject in school is mathematics, followed by choir and art. Her spare time is spent with her family, friends, horses and other animals. She proudly describes herself as a cowgirl who wants to be a rodeo star.
Her goal for higher education is to attend Eastern New Mexico University and become a veterinarian, with her own clinic and rescue ranch. For her, the $500 contribution to a college savings plan is an honor, and she hopes that her hard work will inspire others.
Olivia Pacheco
This year, Olivia served as secretary of her school’s NJHS chapter. Her favorite part of NJHS is helping others and to do so with classmates who share her commitment to service, which includes campus clean-ups, tutoring, food drives, and decorating the school for the return of students when COVID-19 restrictions were lifted.
She enjoys mathematics and plans to attend the University of New Mexico to study nursing, specifically pediatrics. Apart from NJHS, her extracurricular activities include playing softball, volunteering at her church, doing crafts and puzzles, and hanging out with her family, friends, and dogs. Receiving $500 for college savings makes her feel accomplished and that her hard work and dedication paid off.
Theresa Robertson
For Theresa, the best part of being a member of NJHS is knowing that you are making a difference in your community. Even with COVID-19 and the move to online learning, Theresa still attended monthly meetings, created gratitude cards for community members, and participated in food drives. Her favorite subject is mathematics, and she is a member of the Clovis High School dance team and the student council. Her hobbies include reading, spending time with family and friends, and volunteering in her community.
She aspires to a career in teaching. To have the $500 award in a college savings plan is “huge” to her. She is excited to have the opportunity to use the money in a way that will benefit her future.
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
