Trade School Enrollment, Career Outlook on the Rise Plan and Save with a 529 Education Savings Plan
For Immediate Release
Contact: Joanie Griffin
505.261.4444
jgriffin@sunny505.com
Interest in trade schools and careers is on the rise. According to the Education Writers Association (EWA), between 2020 to 2023, enrollment in trade schools rose 4.9%. Similarly, the need for workers in skilled trades is steady, with the U.S. Bureau of Labor Statistics predicting an up to 60% growth in demand through 2033 across various industries.
These factors combine to make trade school a competitive choice for many graduates. However, with tuition and fees for higher education on the rise, saving for trade school with a 529 education savings plan—like those offered through The Education Plan®—can help to alleviate the financial burden of education costs.
“Skilled trades are in demand and are an excellent higher education option,” said Natalie Cordova, Executive Director of the New Mexico Education Trust Board, the organization that administers The Education Plan®, 529 education savings plan. “529 savings plans provide a flexible way to save for various career paths, including trade school.”
While trade schools may be easier for families to afford than a four-year degree, with an annual average total price tag of close to $17,000 in 2022-2023 according to the Integrated Postsecondary Education Data System (IPEDs), it’s smart to be prepared for any educational journey. For comparison, according to the College Board, the most recent average total cost for a full-time student at a four-year public in-state university is nearly $30,000 per year. Research indicates that, even with as little as $500 saved for education, students are three times more likely to enroll in higher education and four times more likely to graduate.
Funds saved in a 529 account can be used to pay for a variety of qualified expenses, including tuition and fees, room and board, books, supplies, computer equipment, and more at any university, college or trade school in the nation. Funds may also be used to pay for apprenticeship expenses. Additionally, contributions to The Education Plan may be eligible for state tax deduction, earnings grow tax-free, and withdrawals are tax-free when used for qualified education expenses.
To learn more and open an account, visit www.TheEducationPlan.com.
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