The Education Plan® Encourages Families to Consider 529 Plans in Their Back-to-School Shopping List

Santa Fe, NM, Sept. 08, 2026 (GLOBE NEWSWIRE) — The Education Plan®—New Mexico’s 529 direct-sold education savings plans—is encouraging New Mexico families to consider another item to the back-to-school shopping list: a 529 plan. 529 education savings plans can be utilized for a variety of qualified expenses at colleges and universities, as well as certain K-12 expenses (including tuition), trade schools, professional education expenses for certification and credentialing, and more.

Designed to make education more accessible and to reduce out-of-pocket expenses and the burden of student loans, The Education Plan 529 plan is flexible with no minimum account opening contribution requirement, allowing family members and loved ones to help fund the account as finances allow. 529 plans also offer tax benefits–including contributions growing tax-deferred and tax-free withdrawals for qualified education expenses. Contributions for New Mexico tax payers are also eligible for state tax deduction.

“Back-to-school time is a perfect time to start thinking about the future path of education,” said Natalie Cordova, the Executive Director of the New Mexico Education Trust Board, the state’s agency that administers The Education Plan®. “ Recent expanded ways to use 529 funds means families can save for and use 529 funds for so much more than just a few years ago.”  

The need to plan ahead is increasingly important, as costs continue to rise. According to The Education Data Initiative, the average cost of attendance, which considers tuition, room and board and other expenses, comes in at approximately $108,584 over four years for an in-state public institution and $182,832 over four years for out-of-state. Similarly, Forbes reports that private school tuition for K–12 institutions is also increasing in cost, reaching an average of nearly $50,000 per year.

“While these total costs can seem daunting and prohibitive, regular contributions to a 529 plan throughout your child’s life add up to make a big difference,” added Cordova. “Every contribution adds up, creating the foundation for future success.”  

For more information and to open an account, visit www.TheEducationPlan.com.

Joanie Griffin
The Education Plan
505-261-4444
jgriffin@sunny505.com

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