The Education Plan® Helps Families Combat Rising Education Costs and Student Debt

For Immediate Release
Contact: Joanie Griffin

The expenses associated with higher education continue to increase, contributing to the escalation of student debt. According to the Education Data Initiative, the average student loan debt growth rate outpaces rising tuition costs by 39%. With these numbers expected to continue to grow, families should begin college and education expense planning as early as possible. The Education Plan® 529 education savings plan provides valuable resources for students and families to make informed decisions about their education and help deter the burden of student debt.

529 education savings plans allow anyone to start saving for college early and take advantage of the power of compounding interest and long-term growth. 529 Plans provide tax benefits, enabling contributions to grow tax-free and offering families more financial flexibility. With diverse investment options, families can customize their savings strategy, aligning it with their unique financial situation. The funds can be used for a wide range of educational expenses, including housing, books, electronics, and other related costs–providing families with the freedom to allocate funds where they are most needed.

"With the flexibility, tax advantages, and wide range of qualified expenses offered by 529 plans, families have the opportunity to take control of their education savings and create a solid foundation for their children's academic journey,” said Natalie Cordova, Executive Director of the Education Trust Board of New Mexico, the organization that administers The Education Plan®. “It's a strategic investment that empowers families to make education more accessible and affordable.

Additionally, as the education-related financial planning landscape becomes more complex, The Education Plan® offers tools and resources necessary to navigate the complexities of education financing, ensuring families make informed decisions about their future educational investments. Many online tools, including a glossary of terms, tax benefit information, a detailed FAQ, and a help center allow people to access information when it’s convenient for them.

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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.