ALBUQUERQUE, NM – November 30, 2022 – The application deadline is soon approaching for the Saving for Success Award Program—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 program is accepting applications from eligible New Mexico students in grades K–8 and awardees will be given an award of $1,000 in initial value invested into a 529 college savings account with The Education Plan®, New Mexico’s 529 college savings plan. The application period will close on December 21, 2022, and award recipients will be notified in February or March of 2023.
Through the program, up to 50 students will receive a Saving for Success Award during the first award cycle. Initial funding for this award program was provided by the Jack Beaty Educational Scholarship Foundation, which 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.
“Higher education is linked to greater career opportunities, financial stability, and brighter futures, and we’re honored to partner with New Mexico Community Trust and greatly appreciate the Jack Beaty Educational Scholarship Foundation initial funding to make higher education more accessible for New Mexico’s students,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the state agency that administers The Education Plan, 529 college savings plan.
“Saving for higher education is one of the vital ways in which parents can set their children up for future success,” said Randy Royster, President & CEO of New Mexico Community Trust. “Through the Saving for Success Award program, our goal is to encourage early college savings and to help families that might not otherwise be able to start saving to get a jumpstart on funding their higher education expenses. Together, we can help to equip the youth of New Mexico for increased future success.”
Funds invested into a 529 plan can be utilized to pay for qualified expenses at universities, community colleges, trade schools, or vocational schools across the United States.
To apply, students will submit their school achievement, honors and awards, community involvement, and higher education goals.
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.
New Mexico Community Trust (NMCT) is a tax-exempt public charity created to work in areas not serviced by existing community foundations. NMCT provides financial, investment, donor and grant management services for communities across the state along with back-office support for multiple community foundations in the state. For more information, visit NMCTRUST.org.
The Education Plan® is New Mexico’s 529 Education Savings Plan administered by the Education Trust Board of New Mexico. It’s a tax-advantaged way to save for education expenses, including tuition, room and board, books, fees and computer equipment at a four-year university, community college, professional school, or trade school. The money may be used at schools across the US, both traditional and online. Accounts grow tax-free and withdrawals are tax-free if used for qualified education expenses. For New Mexico residents, there is an income tax deduction on the full amount of any contributions to an account with The Education Plan. Anyone can open an account for anyone and you do not need to be related to the beneficiary. For more information, visit TheEducationPlan.com.