ALBUQUERQUE, N.M. (KRQE) – As universities around the nation continue working on plans on how to reopen this fall, students getting ready to attend are counting on many ways to pay for higher education. There are ways to start saving years before your student heads to college.
The New Mexico Education Trust Board created the 529 College Savings Plan has proven to be a major tool for those looking to continue their education past high school. KRQE News 13 anchor Crystal Gutierrez spoke with the marketing director of NM Education Trust Board, Carolyn Fittipaldi to get additional details on how the plan works.
Carolyn explains that a 529 College Savings Plan is a tax advantage way for families to save money for college or vocational school. The savings can be used for a variety of things including tuition, room and board, fees, books, and even computer equipment.
The New Mexico 529 College Savings Plan is known as The Education Plan. Anyone can open up and contribute to an account for anyone else online and only a $1 minimum contribution is required.
You don’t need to put money into the savings every month and you could even just make a one-time contribution. If your employer offers it, you could also make regular contributions via direct deposit.