Santa Fe, NM, June 08, 2021 (GLOBE NEWSWIRE) -- With the end of the school year, students are one year closer to graduation. It’s an ideal time to plan for the future by starting a tax-advantaged 529 college savings plan with The Education Plan®.
Studies show students with at least $500 saved for higher education are 3 times more likely to attend college and 4 times more likely to graduate. A 529 plan can make a significant difference for a child’s or loved one’s future career success.
“Student loan debt is a pressing problem nationwide, and the ever-escalating costs of college and trade school can deter a student from pursuing higher education,” said Ted Miller, Executive Director of the Education Trust Board of New Mexico, the state agency that administers The Education Plan®. “Higher education is often a path to greater career satisfaction and financial security – especially if student loan debt is kept to a minimum. As a result, planning for and investing in your child’s or loved one’s education now can help to ensure a brighter future.”
The Education Plan® recommends opening an account as early as possible in a child’s life. More time means more opportunity for your account to grow. Accounts can be opened with as little as $1 and contributions can be made whenever the account holder chooses.
The Education Plan® can be used to cover tuition and fees, housing, meal plans, books, supplies, computers and education-related special needs at schools nationwide – including vocational or trade schools, 2- and 4-year colleges and professional schools.
The Education Plan® also offers tax benefits. Contributions are tax-deductible on some state income tax returns, and earnings grow free of state and federal taxes. Withdrawals are also tax-free when used to cover qualified education expenses.
“The Education Plan is for everyone,” added Miller. “Whether you’re able to save $1 or $1,000, every little bit adds up. The sooner you make the decision to save for education, the more doors you open for your child or loved one.”
To learn more about The Education Plan®, visit TheEducationPlan.com or call 1-877-337-5268.