May 29th is celebrated as 529 Education Savings Day across the United States. While saving for future education is a prime focus of many throughout the year, May 29th, 5-29- is a day solely dedicated to raising awareness about the importance of saving for future education costs and encouraging families to consider opening a 529 education savings account.
The Education Plan®, a 529 Education Savings Program, offers an easy way to save for future education expenses and alleviate the burden of future student loan debt. Money from a 529 education savings plan can not only be used for tuition at any accredited college, university, or vocational school in the nation, but also toward books, room and board, technology, and all qualified expenses. Plans remain flexible to account for a variety of life outcomes as well. From vocational education to apprenticeship expenses. The Education Plan® 529 plan is one of the most adaptable savings plans available, and there is no minimum contribution required to get started.
In addition to reducing the burden of education-related expenses, plans offer tax benefits, as well. In some states, people can deduct contributions to The Education Plan®, dollar for dollar off their state income tax return. Accounts grow tax-free and withdrawals are tax-free if used for qualified education expenses.
“We want to empower families to take control of their financial futures and invest in education–for themselves, their children, or a loved one,” said Natalia Cordova, Executive Director of the New Mexico Education Trust Board, the organization that administers The Education Plan®. “529 plans are a valuable tool for families to save for future education, and we want to ensure that all families are aware of their many flexible options. This 529 Day, we encourage everyone to look at the future and start planning now, for a stronger path to financial security and more attainable future education for their loved ones.”
To learn more about 529 education savings plans and how you can begin saving today, visit the TheEducationPlan.com.