Back to School is a Great Reminder to Save for Your Child’s Higher Education

For Immediate Release
Contact: Joanie Griffin
505.261.4444
jgriffin@sunny505.com

SANTA FE, NM – August 10, 2022 – As summer break and vacations come to an end, parents are now focused on back-to-school. It’s also the time of year when many parents wonder how they can better plan for their child’s educational and financial future. With the rising costs of higher education, how to pay for that education has many parents worried. Back-to-school time is the perfect time to explore investing in a 529 college savings plan.

According to the 2021 College Board Trends in College Pricing, the average tuition and fees for in-state four-year public institutions is $10,740, about 13 percent higher than a decade ago. Those numbers are usually higher when looking at private institutions. Over the last 10 years, published in‐state tuition and fees at public four‐year universities increased at an average rate of 2.2% beyond inflation, according to the College Board.

“The costs of higher education are rising,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the state agency that administers The Education Plan® 529 college savings plan. “While school is top of parents’ minds, now is the perfect time to set up a monthly recurring contribution into a 529 college savings plan.”

The Education Plan® is a tax advantaged way to save for higher education and help offset those future expenses. The plan can be set up with a variety of contribution options, making it easy to save. The earlier an account is opened in a child’s life, the more the account can grow through compounding. Opening a savings account at any time can make a positive difference, as students with just $500 saved for college are three times as likely to go to college and four times as likely to graduate, according the Center for Social Development. 529 plan savings can be used for qualified expenses at community colleges, universities, trade schools, or vocational schools across the United States.

To learn more about The Education Plan, visit TheEducationPlan.com or call 1(877) 337-5268

 

 

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For more information about The Education Plan, call 1.877.337.5268 or view the Plan Description and Participation Agreement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You also should consult a financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 plan(s), or any other 529 plan, to learn more about those plan’s features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The Education Plan is administered by The Education Trust Board of New Mexico. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-today operations, including investment advisory, recordkeeping and administrative services. The Education Plan’s portfolios invest in: (i) mutual funds; (ii) exchange traded funds; and/or (iii) a funding agreement issued by New York Life. Investments in The Education Plan are not insured by the FDIC. Units of the portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the portfolios you choose. You could lose all or a portion of your money by investing in The Education Plan depending on market conditions. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences.

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The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

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