Give the Gift of Education this Holiday Season
Albuquerque, N.M. – November 14, 2019 – With the holiday season quickly approaching, it’s a good time to consider giving the gift of education. The Education Plan, New Mexico’s 529 education savings plan, provides parents, grandparents, family members and friends the opportunity to help relieve the burden of student loan debt for their loved ones by making gift contributions into these education savings accounts any time of year. In addition, New Mexico residents can receive an additional benefit by being able to fully deduct contributions into The Education Plan on their state income tax.
“The Education Plan gives New Mexican families the opportunity to combine small gift contributions that can add up and make a life-changing difference,” said Ted Miller, Executive Director of the Education Trust Board of New Mexico.
“Given that students with just $500 saved are four times more likely to attend college and two-and-a-half times more likely to graduate, The Education Plan can help more students further their education while also offering family members and friends an easy way to give a lasting gift, especially for the holidays.”
The Education Plan can be used for traditional four-year and two-year college, both undergraduate and post-graduate programs, as well as trade, specialty and private schools, providing flexibility for students of all ages and types. Funds from The Education Plan can be used to pay for over 200 qualified education expenses at any federally accredited school across the country and online, and even many schools abroad.
Students with education savings accounts are significantly more likely to achieve higher education than those without. In fact, there is a clear correlation between states with higher 529 plan participation rates and higher education levels, lower unemployment rates, higher wages and stronger economies.
An account in The Education Plan can be opened at any time by anyone, for anyone with no minimum contribution required. Contributions can be made one time, or on a recurring basis, either via transfer from a bank account or payroll, if the contributor’s employer allows. Parents, family members, and friends can also make contributions to The Education Plan, which is a meaningful gift idea for the holidays as well as birthdays and other special occasions, and can help “circle-fund” and fuel savings. It is also a tax-deductible gift for New Mexico taxpayers.
If a beneficiary ultimately does not need or use all the savings, their account with The Education Plan can be transferred to another family member, including the account owner. There is no limit to the number of transfers, so a family can potentially use their education savings for multiple beneficiaries and generations.
For more information on The Education Plan, visit theeducationplan.com or call (877) 337-5268 to speak with a Plan specialist.