Santa Fe, NM, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Enrollment in vocational and trade schools is seeing record growth, with numbers almost doubling between 1999 and 2016, according to the National Center for Education Statistics. This trend is expected to continue, along with the increasing need for skilled laborers in today’s job market. The Education Plan® can help cover costs of these educational programs and allows for flexibility in future planning, no matter which education path is selected.
“Skilled trades are in high demand and are an excellent higher education option for many,” said Carolyn Fittipaldi, Acting Executive Director, Education Trust Board of New Mexico, the state agency that administers The Education Plan®, 529 education savings plan. “A 529 plan is for everyone, whether you’re saving for college or trade school, and regardless of how much you’re able to add at first.”
The Education Plan® will cover many expenses associated with trade and vocational schools. Students can use a 529 plan to pay for vocational and trade school programs sponsored by schools that are eligible for Title IV federal student aid. This includes many cosmetology schools, technical colleges, culinary schools and even a golf academy. Students can search for eligible schools using the Federal School Code Lookup Tool.
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.
529 plans also offer 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. Savings plans can be opened with as little as $1 and contributions can be made whenever the account holder chooses.
“While costs may be lower at some vocational schools than at traditional four-year private universities, it’s still important to plan ahead and invest in the future for yourself or your children,” added Fittipaldi, “Opening a 529 account is a great way to support the student in your life and to set them up for a successful future—whichever path they choose. Additionally, for people already in skilled trades who are looking to invest in further education or certifications, The Education Plan® can provide a flexible way to save for those programs.”
To learn more about The Education Plan®, visit TheEducationPlan.com or call 1-877-337-5268.
