The end of the school year offers a planning opportunity for higher education
Santa Fe, NM, June 08, 2021 (GLOBE NEWSWIRE) – With the end of the school year, students are one year away from graduation. Now is the perfect time to plan for the future by creating a tax-efficient 529 education savings plan with The Education PlanÂ®.
Studies show that students with at least $ 500 saved for higher education are 3 times more likely to go to college and 4 times more likely to graduate. A 529 plan can make a significant difference to the future career success of a child or loved one.
âStudent debt is a pressing problem nationwide, and the ever-increasing costs of colleges and business schools may deter a student from pursuing higher education,â said Ted Miller, executive director of Education Trust Board of New Mexico, the state agency that administers The Education PlanÂ®. âHigher education is often a path to greater job satisfaction and greater financial security, especially if student debt is kept to a minimum. Therefore, planning and investing in the education of your child or loved one now can help secure a better future for them.
The Education PlanÂ® recommends opening an account as early as possible in a child’s life. More time means more opportunities for your account to grow. Accounts can be opened with as little as $ 1 and contributions can be made whenever the account holder wishes.
The Education PlanÂ® can be used to cover tuition and tuition fees, accommodation, meal plans, books, supplies, computers and special education-related needs in schools nationwide – including vocational or commercial schools, colleges and vocational schools of 2 and 4 years.
The EducationÂ® Plan also offers tax advantages. Contributions are tax deductible on certain state income tax returns, and income increases without state and federal taxes. Withdrawals are also tax free when used to cover qualifying education expenses.
âThe education plan is for everyone,â Miller added. âWhether you can save $ 1 or $ 1,000, every little bit counts. 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 PlanÂ®, visit TheEducationPlan.com or call 1-877-337-5268.