ALBUQUERQUE, NM – January 1, 2024 - New Mexico Community Trust (NMCT) is proud to announce that applications are now open for the second annual Saving for Success Award Program in New Mexico. The Saving for Success Award is a college savings award program administered by NMCT with a mission to make higher education more affordable and accessible, especially to students in New Mexico who have financial need.
The goal of the Saving for Success Award program is to help prepare eligible K-8 students in New Mexico for future success in higher education through financial literacy education, encouragement, and an award of $1,000 in initial value invested in a 529 education savings account with The Education Plan®, a New Mexico 529 education savings plan. 19 New Mexico students from nine counties received a Saving for Success Award during the first award cycle in 2023. The award application asks students about school achievement, honors and awards, community involvement, and higher education goals.
“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.”
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.
“I was very excited when I heard I received this award,” said Damian Espino Scammell, awardee from Los Alamos. “This will help me achieve my goal of going to college and getting a good education. This will also help me achieve my dream of eventually helping to provide the best life for my family. I hope I will be able to give back to others in need when I get older just like you are doing for me. Thank you so much for this scholarship!”
According to the U.S. Department of Education’s website, college remains the greatest driver of socioeconomic mobility in America, and higher education remains one of the best investments students can make for their future.
“There is a critical need to encourage students and families to save for future education costs in their pursuit of a college degree or postsecondary credential, said Natalie Cordova, Executive Director, New Mexico Education Trust Board, the organization that administers The Education Plan®. “Making higher education more attainable and accessible and helping New Mexico’s families, especially those with financial need, take the steps to start saving early for an education is at the heart of the goals of this program. We look forward to awarding a new group of deserving young students across New Mexico with an investment in their future.”
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 Bank of America and other private donors.
For more information, visit savingforsuccessnm.com. If you are interested in helping to fund the Saving for Success Award, please visit nmctrust.org/saving-for-success-award.