SANTA FE, N.M. (KRQE) – A new way to save for college has been introduced. Representatives of the New Mexico Education Trust Board spoke about the opportunity.

Executive Director Natalie Cordova and President and CEO of New Mexico Community Trust Randy Royster joined together Monday morning to give details about how the state is trying to keep school affordable.

The Saving for Success Award Program has been created by the New Mexico Community Trust. It aims to help prepare school-age students for their future schooling endeavors. If given the chance to be funded, awardees will be given up to $1,000 invested into a 529 college savings account.

The 529 College Savings Plan is headed by the New Mexico Education Trust Board, and it aims to make college an option for those who might not have previously considered it due to financial struggles.

To apply, NM Community Trust said the following are required:

  • Be a citizen or resident alien of the United States of America with a valid Social Security number or Tax ID Number (TIN)
  • Be attending a school, or homeschooled, in New Mexico
  • Be in grades K-8 at the time of application
  • Prepare a short personal statement
  • Provide official documentation from current school or source of education
  • Demonstrate financial need
  • Agree with Terms & Conditions of the award

Learn more on Saving for Success’ website.