Announcing the Saving for Success Award Program

Announcing the Saving for Success Award Program

- min read

The Saving for Success Award Program is a new college savings award program administered by New Mexico Community Trust 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 prepare eligible K-8 students in New Mexico for future success in higher education through financial literacy education, encouragement and an award of up to $1,000 invested in a 529 college savings account with The Education Plan®, New Mexico’s 529 college savings plan.

This year, up to fifty eligible students in New Mexico will receive a Saving for Success Award. The award application will ask students about school achievement, higher education goals, community involvement, and honors and awards. Initial funding for this award program was provided by the Jack Beaty Educational Scholarship Foundation.

The foundation was created to carry out the final wishes of long-time New Mexico businessman and political leader Jack Beaty to fund college expenses for low-income New Mexicans.

Applications for the Saving for Success Award are being accepted until December 21, 2022, and award recipients will be notified by March of 2023.

For more information and to apply, visit SavingforSuccessNM.com.

If you are interested in helping to fund the Saving for Success Award, please visit https://go.abqcf.org/nmct-success

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The deadline to apply for the Saving for Success Award is December 21, 2022.

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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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