Santa Fe, NM, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The holiday season offers an opportunity to give a unique gift that will have a lasting, positive impact on the lives of your loved ones. Consider opening an account or making a gift contribution to an existing account with The Education Plan®—New Mexico’s 529 college savings plan.
“In the uncertainty of 2020, this year’s holiday season is a good time to look forward to a better future,” said Ted Miller, Executive Director of the Education Trust Board of New Mexico, the state agency that administers The Education Plan®. “With the gift of a college savings plan, you’re investing in the future and helping to ensure that student loan debt is less of a factor for your children—or for your grandchildren.”
Plans are easy to set up and can be started for as little as $1. While regular contributions provide the biggest impact on account growth long-term, any contributions that fit into your budget will make a difference. Higher education can lead to better employment opportunities, providing a more secure future for loved ones.
If your loved one already has a 529 account, a gift can be made directly to that account. Just ask the account owner to send you the necessary information or a gifting link, and you can make a gift to the account either by check or online.
“Studies have shown that a 529 college savings plan can make a tremendous difference,” added Miller. “With as little as $500 saved, a child is three times as likely to go to college and four times as likely to graduate. In today’s workforce, higher education is the starting point for a successful career. Rather than gifting one-time items, opt for a gift that will pave the way to a brighter future.”
In addition to making a thoughtful holiday gift, The Education Plan® has many benefits. Contributions are tax-deductible on some state income tax returns and grow tax-free, and there is no tax when funds are used for qualified education expenses. The plan can be used to pay for tuition at a traditional college, community college, professional school or trade school, as well as other expenses including books, computers, software, room and board and meal plans.
To learn more about the Education Plan®, visit theeducationplan.com.