Articles from The Education Plan

It’s A Great Time to Set up 529 Education Savings Plans

Santa Fe, NM, March 18, 2025 (GLOBE NEWSWIRE) -- Employers of all sizes are continuously looking for ways to recruit and retain employees by offering cost-effective and competitive benefits. Employers can celebrate their employees by enhancing benefits packages.

Santa Fe, NM, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Education is a pathway to success—a pathway that often requires a funding strategy from families and students. Proactive savings through a 529 education savings plan is one way to help pave a path forward and confidently position you and your loved ones for the future.

Santa Fe, NM, Jan. 08, 2025 (GLOBE NEWSWIRE) -- As families begin planning for 2025, a recent federal tax adjustment provides an opportunity for 529 plan contributors to jumpstart a child or grandchild’s 529 education savings account while utilizing gift tax exclusions, helping families invest more for the next generation. Effective for tax year 2025, the federal annual gift tax exclusion will increase from $18,000 in 2024 to $19,000 for a single individual and from $36,000 to $38,000 for married couples filing jointly.

Santa Fe, NM, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Make gift giving more meaningful this holiday season by giving the gift of education. A 529 education savings plan provides the perfect opportunity to help individuals and their families achieve their educational goals. A 529 education savings plan is a tax-advantaged savings program intended to make education more affordable and attainable for families. While individuals and families can contribute to their own 529 plans, friends and relatives can make gift contributions to a loved one’s 529 plan, as well.

Santa Fe, NM, Nov. 14, 2024 (GLOBE NEWSWIRE) -- American Education Week is November 18–22, first celebrated over 100 years ago with the aim to create awareness about the need for education. As we reflect upon and celebrate the role of education and schooling, it’s an ideal time to open or contribute to a 529 education savings plan, an investment in families’ education. 529 education savings plans are tax-advantaged savings plans intended to help make education more affordable or attainable for families. As the costs of education continue to grow, a 529 education savings plan can be a valuable tool.

Santa Fe, NM, Oct. 09, 2024 (GLOBE NEWSWIRE) -- National Estate Planning Week is October 21–27 and it is the perfect time to learn more about how 529 education savings plans can be used as an estate planning tool. By including a 529 plan in an estate plan, people can reduce their taxable estate, while investing in the future education of loved ones–providing both immediate and long-term financial advantages.

Santa Fe, NM, Sept. 10, 2024 (GLOBE NEWSWIRE) -- September is National College Savings Month, a national effort to encourage families to start thinking about and saving for higher education. It’s a great reminder for parents and grandparents to put money aside for future education expenses for loved ones to help them reach their academic and life goals with less debt.

Santa Fe, NM, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The back-to-school season marks an exciting new beginning as students embark on another year of learning. Each year, families are faced with increasing tuition and other costs which can be a challenge without proper planning. According to the CollegeBoard College Pricing 2023 report, in 2023-24, the average published tuition and fees for full-time undergraduate students at public four-year in-state institutions is $11,260, $270 higher than in 2022-23. Additionally, average tuition prices across all higher education institutions increased by over 3% compared to the previous year, before adjusting for inflation. For families aiming to invest in their child's education both in the short and long term, 529 plans can be a purposeful savings tool.

Santa Fe, NM, July 23, 2024 (GLOBE NEWSWIRE) -- With the cost of higher education continuing to rise, families across the nation are grappling with an ever-increasing financial lift. According to the ISS MI 2024 529 Industry Analysis, over the past year, tuition fees have increased by 24.9%, room and board costs have surged by 13.3%, textbook prices have jumped by 25.1%, and other miscellaneous education-related expenses have grown by 18.1%. These rising costs highlight the need for families to learn about and adopt effective saving strategies to manage future education expenses. The Education Plan®, a 529 education savings plan, offers an option to offset this growing challenge.

Santa Fe, NM, June 11, 2024 (GLOBE NEWSWIRE) -- According to a recent ABC News article, there will be a rise in federal undergraduate student loan rates to 6.5% by July, up from the current 5.5% rate, the highest rate in 16 years. Under this new rate, a 10-year student loan of $28,000 would accumulate approximately $10,000 in interest. With these new changes, it’s even more important to start saving for education now to help reduce or eliminate the burden of student loan debt.

Santa Fe, NM, May 14, 2024 (GLOBE NEWSWIRE) -- May 29 is recognized as National 529 Education Savings Plan Day, a day devoted to raising awareness of tax-advantaged 529 plans, an option added to the tax code in 1996 that makes investing for future education more appealing. 529 Day encourages families to start planning for their loved ones’ future education needs. Recent data shows that due to rising college costs, families should save at least $2,000 more over a five-year period as compared to previous years. Starting to save early is key, and education-specific savings plans like 529 education savings plans can help families maximize their savings with tax benefits and tailored investment options designed specifically for paying educational expenses.

Santa Fe, NM, April 02, 2024 (GLOBE NEWSWIRE) -- With tax season in full swing and Tax Day on April 15 quickly approaching, many people are anticipating tax refunds. To date, the average federal tax refund for 2024 is approximately $3,145, according to CNBC. For those looking to make a meaningful investment in their future, reserving some or all of the funding from their tax refund for a 529 education savings plan provides numerous benefits.

Santa Fe, NM, Feb. 07, 2024 (GLOBE NEWSWIRE) -- America Saves Week takes place February 19–23 and encourages people to explore practical savings strategies. Recent data from Forbes indicates 66% of Americans were able to save money in the past year and the average American has $65,100 in personal savings. According to Forbes, Americans are taking three major steps to address economic uncertainty: 64% are cutting costs, 50% are building savings and 41% are delaying large expenses.

Santa Fe, NM, Jan. 16, 2024 (GLOBE NEWSWIRE) -- As families look for ways to fund higher education, 529 education savings plans have become a popular choice. As both education costs and student loan debt continue to rise, 529 education savings plans can be a valuable tool.

Santa Fe, NM, Dec. 19, 2023 (GLOBE NEWSWIRE) -- During the giving season, consider a gift to a 529 plan rather than buying tangible holiday gifts. The Education Plan®, 529 education savings plan is a tax-advantaged savings account that can be used to pay for education expenses at accredited colleges, universities, trade schools, professional schools, and K-12 throughout the United States. Consider opening an account or making a gift contribution to an existing account with The Education Plan®. With the rising costs of higher education and the increase of student debt nationally—it is more important than ever for families to start saving early and contribute regularly.

Santa Fe, NM, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Earlier this year, FAFSA (Free Application for Federal Student Aid) rolled out new regulations for the 2024–2025 award year, including important changes that impact 529 education savings plans. Under the new regulations, grandparent contributions will no longer negatively affect a student’s financial aid eligibility—creating further flexibility for grandparents to contribute to their grandchildren’s future educational opportunities. By utilizing a 529 education savings plan, like the one offered through The Education Plan®—New Mexico’s direct-sold 529 education savings plan—grandparents can save as they’re able and contribute for future qualified education-related expenses.  

Santa Fe, NM, Oct. 05, 2023 (GLOBE NEWSWIRE) -- National Estate Planning Awareness Week – which will take place October 16-22, 2023 - is dedicated to educating the public on the pivotal role of estate planning in securing financial well-being. Recent findings, as highlighted in a Brookings article, discuss the significant impact of inflation on everyday expenses, including the soaring costs of higher education. Despite a temporary respite of rising tuition costs during the pandemic, which included reduced tuition or frozen tuition hikes, institutions now grapple with revenue shortfalls in the face of the ongoing inflation, leading to cutbacks in critical resources like financial aid. Considering the financial uncertainty facing many families, incorporating 529 education savings plans into estate planning strategies can provide a means to navigate these financial challenges, while helping to secure future education and ultimately career opportunities for loved ones.

Santa Fe, NM, Sept. 12, 2023 (GLOBE NEWSWIRE) -- According to Forbes and statistics from the National Center for Education Statistics (NCES), college graduates consistently have more employment prospects and make an average of 63% higher annual earnings compared to those without a higher education degree. Recognizing this correlation between education and success, The Education Plan® highlights the instrumental role that 529 plans play in future success and the importance of saving early. Even with just $500 saved, research shows, a student is three times more likely to attend college and four times more likely to graduate than those without any savings.

Santa Fe, NM, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Heading back to school is an exciting time for students and families, and the perfect time to start planning for students’ future education costs. The Education Plan® 529 education savings plan provides families with a mechanism to begin saving early to secure a solid foundation for their child's academic journey. According to US News & World Report, tuition and fees at universities across the nation have risen 134% in the past 20 years and are expected to continue to climb, making saving now an essential and vital part of back-to-school planning.

Santa Fe, NM, July 11, 2023 (GLOBE NEWSWIRE) -- The expenses associated with higher education continue to increase, contributing to the escalation of student debt. According to the Education Data Initiative, the average student loan debt growth rate outpaces rising tuition costs by 39%. With these numbers expected to continue to grow, families should begin college and education expense planning as early as possible. The Education Plan® 529 education savings plan provides valuable resources for students and families to make informed decisions about their education and help deter the burden of student debt.

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Santa Fe, NM, May 22, 2023 (GLOBE NEWSWIRE) -- May 29 is celebrated as 529 Education Savings Day across the United States. While saving for future education is a prime focus of many throughout the year, May 29–5-29–is a day solely dedicated to raising awareness about the importance of saving for future education costs and encouraging families to consider opening a 529 education savings account. 

Santa Fe, NM, March 14, 2023 (GLOBE NEWSWIRE) -- In today’s competitive marketplace, where employers are striving for new ways to keep their workforce, a 529 education savings plan can be a great addition to a company’s suite of benefits. The Education Plan® can be implemented at no cost to employers and requires no government reporting, making it a quick and easy employee benefit to include. Plus, if desired, employers can choose to match all or a percentage of employees’ contributions. With this tax-advantaged plan, employers can help their employees prepare for their future or the future educational needs of loved ones easily through payroll deduction.

Saving Early with The Education Plan® Makes a Difference

Santa Fe, NM, Jan. 09, 2023 (GLOBE NEWSWIRE) -- As the New Year 2023 begins, consider an important New Year’s resolution that includes financial planning for a loved one’s future education with a 529 plan. The Education Plan® 529 education savings plan provides tax-advantaged savings and can help combat the rising cost of education.

Santa Fe, NM, Dec. 27, 2022 (GLOBE NEWSWIRE) -- Effective January 1, 2023, the federal annual gift tax exclusion increases to $17,000 for a single individual and $34,000 for married couples. For 529 plans, contributions of up to $85,000 for a single contributor (or $170,000 for married couples) can be made in a single year and applied against the annual gift tax exclusion equally over a five-year period. This is another great way to jumpstart a child’s or grandchild’s college savings account while utilizing gifting exclusions.

Santa Fe, NM, Dec. 14, 2022 (GLOBE NEWSWIRE) -- With the holiday season upon us, parents and grandparents may be searching for the perfect gift for loved ones. By gifting money to a 529 Education Savings Plan, family members can make a positive financial impact in a loved one’s life. The Education Plan® 529 Education Savings Plan is a tax-advantaged savings account that pays for future education expenses at accredited colleges, universities, trade schools, and professional schools throughout the United States.

Santa Fe, NM, Nov. 16, 2022 (GLOBE NEWSWIRE) -- November is the month of gratitude, and as post pandemic workplace trends continue to influence workers to search for better employment opportunities, employers continue to seek innovative, meaningful ways to express their gratitude toward their employees. By offering unique employee benefits–like 529 education savings plans–employers can provide their team members with impactful benefits to further their financial well-being while also remaining competitive during recruitment.

Santa Fe, NM, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The Education Plan®—New Mexico’s 529 college savings plan—was recently highlighted as one of a small percentage of 529 plans throughout the nation to offer socially responsible investment options. The analysis performed by ISS Market Intelligence considered the percentage of assets, account investment positions, net and gross sales of age-based investment options and investment management approaches, as well as whether they offered Environmental, Social and Governance (ESG) investing options.

Santa Fe, NM, Oct. 13, 2022 (GLOBE NEWSWIRE) -- National Savings Day–a day dedicated to celebrating financial wellness and the importance of saving money–is October 12, 2022. A tax-advantaged college savings plan is a great option for anyone to save for future education expenses The Education Plan®, New Mexico’s 529 education savings plan has created a wealth of online planning resources to assist families with saving for higher education.

Santa Fe, NM, Oct. 06, 2022 (GLOBE NEWSWIRE) -- As the nation faces a severe skilled labor shortage, the demand is greater than ever for workers with a trade school education according to the U.S. Bureau of Labor Statistics. If you or a loved one wants to pursue a career in the trades, the best time to start saving to pay for that education is today. A 529 education savings plan is a great vehicle for tax-free savings that can be used to pay for trade or vocational schools.

Santa Fe, NM, July 26, 2022 (GLOBE NEWSWIRE) -- As student debt continues to grow, and the cost of tuition continues to climb, saving for a loved one’s education is more important than ever. According to the Education Data Initiative, 43.4 million individuals have student loan debt, and the average borrower in the United States has approximately $37,014 in student loan debt. This gives rise to financial planning and avoiding the accumulation of debt for future students. As a way to ease the burden of student debt, The Education Plan® – a 529 college savings plan – provides families with a tax advantaged way to save for future educational expenses.