May 29 is 529 Day!

For Immediate Release
Contact: Joanie Griffin

Santa Fe, NM - May 14, 2024 — May 29 is recognized as National 529 Education Savings Plan Day, a day devoted to raising awareness of tax-advantaged 529 plans, an option added to the tax code in 1996 that makes investing for future education more appealing. 529 Day encourages families to start planning for their loved ones’ future education needs. Recent data shows that due to rising college costs, families should save at least $2,000 more over a five-year period as compared to previous years. Starting to save early is key, and education-specific savings plans like 529 education savings plans can help families maximize their savings with tax benefits and tailored investment options designed specifically for paying educational expenses.

As of December 2023, over $471 billion dollars are currently being invested for education around the country in 16.4 million individual accounts according to the College Savings Plan Network.

"A 529 education savings plan is a powerful tool for families looking to save for future education," says Natalie Cordova, Executive Director of the New Mexico Education Trust Board, the organization that administers The Education Planâ, 529 education savings plan. "Not only do these plans provide tax advantages, such as tax-free growth and tax-free withdrawals for qualified expenses, but they also offer diverse investment options tailored to educational goals."

One of the key features of The Education Plan, is its tax benefits. Contributions to an account with The Education Plan may be eligible for state tax deductions or credits, and earnings grow tax-free when used for qualified educational expenses. In honor of 529 Day, The Education Plan encourages families receiving tax refunds to consider investing the refund in a 529 education savings plan. By leveraging tax refunds in a 529 education savings plan, families can amplify their savings efforts and prepare effectively for future educational expenses.

529 plans can be used to pay expenses for education at colleges and universities, technical and community colleges, trade schools and many other post-secondary education programs. While state tax incentives vary, federally, money grows in a 529 account tax deferred and can be withdrawn tax free if used for qualified expenses.

Research shows that with just $500 saved a child is three times more likely to attend college and four times more likely to graduate than those without savings. Funds invested in a 529 education savings plan can be used for a variety of qualified education expenses including tuition, room and board, books, supplies, and meal plans at eligible institutions nationwide. Funds may also be used to pay for K-12 tuition, apprenticeship expenses, and more. The Education Plan is a flexible education savings plan that accommodates different savings styles, and there is no minimum contribution required to get started.

"As families navigate the financial challenges of future education costs, starting to save early with a 529 education savings plan is a proactive step toward securing a brighter future for our children," adds Cordova. "By leveraging the benefits of The Education Plan, families can empower their children to pursue their educational dreams with less financial burden."

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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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