Santa Fe, NM, Aug. 03, 2021 (GLOBE NEWSWIRE) -- With schools resuming soon, it’s the perfect time to begin planning for your student’s future and maximizing tax benefits. The Education Plan®—New Mexico’s 529 college savings plan—offers an easy method to save for higher education and pave the way to a brighter future, while also offering important tax benefits.
“While you’re back-to-school shopping or planning for the school year ahead, begin thinking further down the road to higher education,” said Carolyn Fittipaldi, Marketing Director of the Education Trust Board of New Mexico, the state agency that administers The Education Plan®. “Whatever grade a child may be entering, saving early can help tremendously with the rising costs of education and reducing the burden of student loan debt.”
The Education Plan® can be used to cover tuition, housing, meal plans, books, supplies, computers and fees at any school nationwide—vocational or trade schools, professional schools, colleges and universities. Additionally, 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.
“We wish everyone a happy and safe school year and encourage parents and grandparents to look into a 529 college savings plan like The Education Plan®,” added Fittipaldi.
To learn more about The Education Plan®, visit TheEducationPlan.com or call 1-877-337-5268.