The Education Plan is New Mexicos official, direct-sold 529 college savings plan. Administered by the Education Trust Board of New Mexico, it offers a tax-advantaged way to save for higher education expenses, including tuition, room and board, books, fees and computer equipment.
The money in a 529 plan can be used at accredited four-year universities, community colleges, professional schools and trade schools across the United States, including traditional and online institutions. Funds in a 529 plan grow tax-free, and withdrawals are also tax-free if used for qualified higher education expenses. For New Mexico residents, 100 percent of contributions to a 529 account with The Education Plan are deductible from New Mexico state taxable income each year.
At The Education Plan, we also work closely with employers to add a 529 plan to employee benefits packages. Its an easy, no-cost way to support the financial wellbeing of employees. Unlike other benefit programs, The Education Plan requires very little from HR while offering employees the opportunity to save towards education goals for themselves and their loved ones through payroll direct deposit.
At The Education Plan, we help families prepare for and manage future education expenses and help reduce student loan debt. Anyone can open an account for as little as a $1 and make contributions whenever they choose. Visit theeducationplan.com to learn more.