Santa Fe, NM – June 16, 2022 – This summer many families are planning and saving money for vacations and fun activities. The Education Plan®, a 529 college savings plan, encourages families to save for higher education throughout the summer months in addition to summer entertainment and vacation.
“While you’re saving for your vacation, consider saving extra for your future education needs or those of your children,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the state agency that administers The Education Plan® 529 savings plan. “Whether your children are just starting school or nearing high school graduation, it’s a great time to plan ahead to ease the burden of education-related expenses and debt.”
529 college savings plans can be opened for as little as one dollar and can be added to at any time, as the account holder is able. Even small contributions add up, and the earlier an account is opened in a child’s life, the more the account can grow through compounding.
“While beginning an account early in life is ideal, an account can be opened at any time—for any beneficiary,” added Cordova. “This summer, while you invest in fun activities for you and your family, consider also investing in their future success, as studies show students with at least $500 saved for college are three times as likely to go to college and four times as likely to graduate. With higher education linked to greater job opportunities and higher-paying salaries, a 529 college savings plan helps you prepare for a brighter future for you and your loved ones.”
529s can be used to pay qualified education expenses including tuition, books, supplies, housing, meal plans, and computers at four-year universities, community colleges, career and technical schools, and registered apprenticeships.
To learn more about the Education Plan® or to set up your account this summer, visit TheEducationPlan.com or call 1(877) 337-5268.