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