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Back to School is a great reminder to save for your child

#School #great #reminder #save #child

SANTA FE, NM, Aug. 10, 2022 (GLOBE NEWSWIRE) — With summer break and vacation coming to an end, parents are now focusing on back to school. It’s also that time of year when many parents are wondering how to better plan for their child’s academic and financial future. With the rising cost of higher education, many parents worry about how to pay for it. Back in school is the perfect time to explore investing in a 529 college savings plan.

According to the 2021 College Board Trends in College Pricing, the average state tuition and fees for four-year public institutions is $10,740, about 13 percent higher than a decade ago. These numbers are usually higher when looking at private institutions. Over the past 10 years, published state tuition and fees at four-year public universities have risen above inflation at an average rate of 2.2%, according to the College Board.

“The cost of higher education is rising,” said Natalie Cordova, executive director of the New Mexico Education Trust Board, the state agency that administers The Education Plan® 529 college savings plan. “While school is at the top of parents’ minds, now is the perfect time to set up a monthly recurring contribution to a 529 college savings plan.”

The Education Plan® is a tax-deferred way to save for college education and offset those future expenses. The plan can be set up with a variety of contribution options, making it easy to save. The earlier an account is opened in a child’s life, the more the account can grow through compounding. Opening a savings account at any time can make a positive difference, since students who have saved as little as $500 for college are three times more likely to attend college and four times more likely to graduate, according to the Center for Social Development. 529 plan savings can be used qualified expenses at community colleges, universities, trade schools or vocational schools in the United States.

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