About Education Trust Board Of New Mexico
The Education PlanŽ is a 529 education savings plan sponsored by the State of New Mexico and administered by the Education Trust Board.
The Education Plan offers a tax-advantaged way to save for future education expenses and help reduce the burden of student loan debt. The money in a 529 plan may be used to pay for a variety of qualified expenses including tuition, room and board, books, fees, and computer equipment at accredited four-year universities, community colleges, professional schools, and trade schools across the United States, including traditional and online institutions. Funds may also be used to pay for K-12 tuition, apprenticeship expenses, and more.
Funds in a 529 plan grow tax-free, and withdrawals are also tax-free if used for qualified education expenses. For New Mexico residents, any contributions to a 529 account with The Education Plan are deductible from New Mexico state taxable income each year.
Just about anyone can open an account for anyone, and you do not need to be related to the beneficiary. There is no minimum initial contribution required and you make contributions whenever you choose.
At The Education Plan, we also work closely with employers to add a 529 plan to employee benefits packages. It’s 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.
Visit www.TheEducationPlan.com to learn more.