A 529 College Savings Plan is Ideal for Future Educational Expenses

Santa Fe, New Mexico, UNITED STATES


Santa Fe, NM, June 10, 2020 (GLOBE NEWSWIRE) -- When it comes to saving for higher education expenses, it’s hard to beat the tax benefits and flexibility of a 529 college savings plan from The Education Plan.

The Education Plan provides tax-free growth and tax-free withdrawal, as long as the funds are used to pay for qualified higher education expenses. It’s a compelling and effective way to save. 

Another great feature is the Plan’s flexibility. The Education Plan is easy to set up and only requires $1 to get started.  Although regular contributions provide the biggest impact on account growth long-term, contributions can be made at any time and in any amount.  Studies show if a child has as little as $500 saved for college, that child is three times more likely to go to college and four times more likely to graduate.

In addition, the funds can be used to pay for a wide variety of higher education expenses at schools all over the country – public and private. The expenses include tuition and fees, room and board, books and supplies and even required computer expenses. Saving in a 529 Plan is a great way to reduce the burden of student debt.

The Education Plan also offers the flexibility of being able to transfer the account from one beneficiary to another, in the event the first child doesn’t use the funds. It can even be used to fund your own education expenses.

Gifting to a 529 account is also easy with The Education Plan. “Gifting to a child’s 529 plan account is a great way to crowdfund education and help reduce student debt,” explained Ted Miller, Executive Director of the Education Trust Board of New Mexico, the organization that sponsors The Education Plan 529. “Family members, godparents and friends can contribute to the child’s 529 account. It’s the best gift ever – the gift of education.”

For more information on The Education Plan, go to theducationplan.com or call 1 (877) 337-5268.

 

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