Santa Fe, NM, Sept. 01, 2020 (GLOBE NEWSWIRE) -- With students across the nation beginning a new school year, parents are one year closer to the reality of paying for college. That makes back-to-school season a perfect time to start saving for college through a 529 college savings plan, like The Education Plan®.
“2020 has been full of uncertainty, and while schools are alternating between hybrid, in-classroom and virtual learning, one thing is clear—parents want the best possible education for their children,” said Ted Miller, Executive Director of The Education Trust Board of New Mexico, which administers The Education Plan. “While parents are focused on providing access to top-notch education now, it’s also an ideal time to look to the future. With higher education costs continuing to climb, starting a 529 college savings plan now can help to lower or eliminate future student debt, while still ensuring your children have access to a high-quality education.”
The Education Plan offers a variety of benefits to families. Accounts grow tax-free, and withdrawals are tax-free when used to pay for qualified expenses. Depending on where you live, contributions may be deductible on your state income tax. Students can use the 529 to pay for tuition, room and board, meal plans, books, supplies, computers, and fees at a four-year university, community college, professional school, or trade school.
“An account can be opened for as little as $1, and you can add to it as finances allow,” added Miller. “Even if finances are tight, a little can go a long way. Studies have shown that, if a student has even $500 saved for college, that student is three times as likely to go to college and four times as likely to graduate.”
For more information about The Education Plan, go to TheEducationPlan.com or call 1(877) 337-5268.