The importance of investing in education can never be underestimated.
As the new year begins, it is a good time to learn about various strategies that could prove financially beneficial in the future.
"It's so important and it's never too early and it's never too late to start saving," Carolyn Fittipaldi, marketing director of the Education Trust Board of New Mexico, told KRQE.
The Education Plan is a 529 education savings plan that can help fund future education expenses and prevent the burden of student loans, KRQE reported. Students can use funds from the plan for tuition, room and board, books, fees, computers, and more. The plan can be utilized for community colleges, trade schools, professional schools, and certificate programs.
The Education Plan is New Mexico's official direct-sold 529 college savings plan, according to its website. Such plans are intended to assist families with paying for college expenses. Money in a 529 college savings plan has tax advantages and is professionally managed. It can benefit from compounded growth. The Education Plan allows investors to directly open a tax-advantaged account. Investors can choose from a variety of investment options designed to meet their needs, situations, and risk tolerance.
The average student leaves college approximately $30,000 in debt, KRQE reported. Users can create an account with The Education Plan and start investing in approximately 10 to 15 minutes.