Application Deadline Approaching for Saving for Success Award Program

For Immediate Release
Contact: Joanie Griffin

ALBUQUERQUE, NM – March 12, 2024 – The application deadline is soon approaching for the second annual Saving for Success Award Program—a New Mexico 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 receive an award of $1,000 in initial value invested into a 529 education savings account with The Education Plan®, a New Mexico 529 education savings plan. The application period will close on April 1, 2024, and award recipients will be notified in May 2024.

The Saving for Success Award will help those students and families that may not be able to save for college and will help with higher education expenses including tuition, books, and room and board at universities, community colleges, trade schools and professional schools.

“If we can encourage students and parents to start saving for college at an early age, they have a much greater likelihood of success,” said Randy Royster, President & CEO of NMCT. “Research shows that with just $500 saved for college, a child is three times more likely to attend college and four times more likely to graduate than those without any savings.”

“Making higher education more attainable and helping New Mexico families, take the steps to start saving early for an education is at the heart of the mission of this award program, said Natalie Cordova, Executive Director, New Mexico Education Trust Board, the organization that administers The Education Plan®. “We look forward to awarding the next group of deserving young students across New Mexico with an investment in their future.”

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.

Students interested in applying for the award will submit their school achievement, honors and awards, community involvement, higher education goals, and other information online. For more information and to apply, visit

Initial funding for this award program was provided by the Jack Beaty Educational Scholarship Foundation. Additional funding for the current award cycle includes donations from other private donors. 

If you are interested in helping to fund the Saving for Success Award, please visit

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

The Education Plan® is New Mexico’s 529 Direct 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 higher 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


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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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