ALBUQUERQUE, NM – January 1, 2025 - New Mexico Community Trust (NMCT) is proud to announce that applications are now open for the third annual Saving for Success Award Program in New Mexico. The Saving for Success Award is a college savings award program administered by NMCT in partnership with the New Mexico Education Trust Board (NMETB), with a mission to make higher education more affordable and accessible, especially to students in New Mexico who have financial need. 

The goal of the Saving for Success Award program is to help prepare eligible K-8 students in New Mexico for future success in higher education through financial literacy education, encouragement, and an award of $1,000 in initial value invested in a 529 education savings account with The Education Plan®, a New Mexico 529 education savings plan administered by NMETB. 41 students throughout the state of New Mexico have received a Saving for Success Award since the program launched in 2023. The award application asks students about school achievement, honors and awards, community involvement, and higher education goals. 

The Saving for Success Award program, in partnership with Tutor Doctor Albuquerque,  has created financial literacy basics materials that include topics like; What is a Bank, Fun with Budgeting Your Money, Checking vs. Savings Accounts, Understanding Paychecks and Saving for College. Each module includes a quiz that students can take to test their knowledge of the topics. Materials are available on the Saving for Success Award website www.SavingforSuccessNM.com.  

“Partnerships like this are essential in creating opportunities for New Mexico’s students and their families,” said Randy Royster, President & CEO of NMCT. “By providing both financial literacy education and college savings opportunities, we are addressing two critical barriers to higher education—awareness and affordability. Access to funding is not just about paying for tuition; it’s about giving students the confidence to dream big and pursue their goals.”

The Saving for Success Award will help those students and families that may not be able to save for college and will help with higher education expenses including tuition, books, and room and board at universities, community colleges, trade schools and professional schools.

Read what 2024 recipients had to say about the award: 

“This award will help me focus on my academic goals without as much financial stress, said Amelia Chenier, awardee from Santa Fe. “This award is also teaching me the value of saving for the future. I am very honored to have been chosen for this award.” 

“Thank you for this award,” said William Hall, awardee from Rio Rancho. “I plan to use this money to attend an engineering college and make a difference in the lives of my family and community.”

According to the U.S. Department of Education’s website, college remains the greatest driver of socioeconomic mobility in America, and higher education remains one of the best investments students can make for their future.
 
“We celebrate the third year of making higher education more attainable and accessible and helping New Mexico’s families, especially those with financial need, take the steps to start saving early for an education,” said Natalie Cordova, Executive Director of the NMETB. “We look forward to awarding a new group of deserving young students across New Mexico with an investment in their future.”

Initial funding for this award program was provided by the Jack Beaty Educational Scholarship Foundation. Additional funding for the current award cycle includes donations from Nusenda Credit Union and other private donors. 

For more information, visit savingforsuccessnm.com. If you are interested in helping to fund the Saving for Success Award, please visit nmctrust.org/saving-for-success-award.
 

New Mexico Community Trust (NMCT) is a tax-exempt public charity created to work in areas not serviced by existing community foundations. NMCT provides financial, investment, donor, and grant management services for communities across the state along with back-office support for multiple community foundations in the state. For more information, visit nmctrust.org.

The Education Plan® is New Mexico’s Direct 529 Education Savings Plan administered by the New Mexico Education Trust Board. It’s a tax-advantaged way to save for education expenses, including tuition, room and board, books, fees and computer equipment at a four-year university, community college, professional school, or trade school. The money may be used at schools across the US, both traditional and online. Accounts grow tax-free and withdrawals are tax-free if used for qualified higher education expenses. For New Mexico residents, there is an income tax deduction on contributions to an account with The Education Plan. For more information, visit TheEducationPlan.com.