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 SavingforSuccessNM.com.

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 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 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 TheEducationPlan.com.