May 19, 2022 – The Education Plan®—New Mexico’s 529 education savings plan—has received national recognition as one of the top college savings plans in the country. Receiving a perfect score (5/5) for both residents and non-residents on the SavingForCollege.com list of Top-rated Direct-sold 529 plans, The Education Plan® received this designation due to its performance, costs, and reliability, among other factors.
“We are thrilled to receive perfect scores for both residents and non-residents,” said Natalie Cordova, Executive Director of the Education Trust Board of New Mexico, the state agency that administers The Education Plan®. “Being named among the top-rated 529 plans in the nation is an honor, as our goal is to make education savings a reality for all. We know that higher education can help to provide a more successful future for students, and we’re continually working toward our mission of making post-secondary education attainable for all through our top ranked education savings plans.”
The Education Plan® can be used at vocational or trade schools, professional schools, colleges and universities for qualified education expenses, including tuition, housing, meal plans, books, supplies, computers and fees.
Accounts can be opened with as little as $1, and family and friends can give gift contributions to the account. The Education Plan® is a tax-advantaged savings plan. The money invested in the 529 grows tax-free and withdrawals are tax-free when used to pay for qualified education expenses. Many states also offer deductions on state income tax for contributions to a 529 plan. For New Mexico residents there is a state income tax deduction for the full amount of any contributions to the plan.