The Education Plan, New Mexico's 529 education savings plan, is a smart way for New Mexicans to save small amounts that can grow significantly over time to cover future education expenses and reduce the burden of student loan debt.
Whatever they want to be, help them get there with The Education Plan.
The Education Plan can help them achieve more with less debt. And there are so many benefits to setting one up.
- Tax-free earnings & withdrawals for qualified education expenses and state income-tax deductible contributions for New Mexico taxpayers.
- Funds can be used for any level of higher education at in and out-of-state colleges, as well as trade and private schools, online universities, and even many schools abroad.
- It’s not just for tuition. Funds can be used to cover books, computers, software, room and board and more. Funds may also be used to pay for K-12 tuition and apprenticeship expenses.
- You can open your account with as little as $1. Saving just $500 has proven to significantly increase graduation rates.