Closing the Gap: Save for Trade School with a 529 Education Savings Plan

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

SANTA FE, NM – As the nation faces a severe skilled labor shortage, the demand is greater than ever for workers with a trade school education according to the U.S. Bureau of Labor Statistics. If you or a loved one wants to pursue a career in the trades, the best time to start saving to pay for that education is today. A 529 education savings plan is a great vehicle for tax-free savings that can be used to pay for trade or vocational schools.

“The flexibility offered by a 529 education savings plan opens up an entire world of opportunities for those looking to enter a trade industry,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the organization that administers The Education Plan®, New Mexico’s 529 education savings plan. “Opening a 529 account is a great way to support the student in your life and to set them up for a successful future—whichever path they choose. Additionally, for people already in skilled trades who are looking to invest in further education or certifications, The Education Plan can provide a flexible way to save for those programs.”

There are many industries requiring vocational or trade school education that are seeking skilled workers and offering long-term career growth. According to the U.S. Bureau of Labor Statistics, the demand for construction laborers and electricians is projected to grow by 7% between 2022 and 2030 and Heating Ventilation Air Conditioning and Refrigeration (HVACR) technicians are set to have a 5% increase in demand.

A 529 savings plan can be used to pay for qualified education expenses at universities, community colleges, trade schools, or vocational schools across the United States. A 529 account with The Education Plan allows flexibility with contributions (no required minimum amount) and the account holder can make contributions whenever they choose. Contributions add up, even small amounts, and the earlier an account is opened in a child’s life, the more time the account has the potential to grow through compounding. Opening a 529 account at any time can provide a positive difference, as students with even $500 saved for college are three times as likely to go to college and four times as likely to graduate.

According to the College Savings Plans Network (CSPN), there are nearly 16 billion 529 account holders across the nation. As of 2022, $457.7 billion dollars have been invested in those accounts, according to CSPN.

To learn more about The Education Plan® or to begin saving today, visit TheEducationPlan.com.

 

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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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Not FDIC-Insured. No Bank, State or Federal Guarantee. May Lose Value.