The Education Plan® is a Great Option to Invest Your Tax Refund

For Immediate Release
Contact: Joanie Griffin

Santa Fe, NM - April 3, 2024 – With tax season in full swing and Tax Day on April 15 quickly approaching, many people are anticipating tax refunds. To date, the average federal tax refund for 2024 is approximately $3,145, according to CNBC. For those looking to make a meaningful investment in their future, reserving some or all of the funding from their tax refund for a 529 education savings plan provides numerous benefits.

“With inflation and prices rising on many items, including college tuition, now is a great time to save for tomorrow,” said Natalie Cordova, Executive Director of the New Mexico Education Trust Board, the organization that oversees The Education Plan®. “Deciding to invest funds, like those received from a tax refund, in a 529 savings plan can pay dividends well into the future.”

Any amount saved can have a significant influence on a student’s future success, as students with as little as $500 saved for college are more likely to attend and graduate college. The Education Plan® allows families to start a 529 plan with no minimum initial investment and compounding interest can significantly boost savings over time in a 529 plan, especially when contributions are made early on. In a hypothetical example, a family investing just $150 per year into a 529 plan can potentially earn around $10,000 more over 18 years, compared to a traditional savings account.

“When able, commit to saving money for the future,” added Cordova. “One of the best ways to ensure future financial success is by saving for education, which in turn can pave a path to higher salaries and greater upward mobility in one’s career.”

As college costs and related expenses continue to rise, 529 plans offer a comprehensive solution to avoid the burden of student loans. With the average annual cost of a college education nearing $30,000, according to CollegeBoard 2023, a 529 plan serves as a valuable resource for families seeking ways to mitigate the financial burden of higher education.

Investing in a 529 plan not only helps families prepare for future education expenses, but also offers significant tax benefits. Many states provide deductions on state income tax for contributions made to a 529 plan. Additionally, funds invested in the plan grow tax-free, and funds withdrawn to cover qualified education expenses are tax-free.

To learn more about The Education Plan®, visit


For Media Inquiries

Use the form below to contact our team.



The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

Privacy & Cookie Policy

Phone: 1-877-337-5268
We're available Monday to Friday 8 a.m. to 7 p.m. MT


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.

Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.

The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

All other marks are the exclusive property of their respective owners.

Not FDIC-Insured. No Bank, State or Federal Guarantee. May Lose Value.