As summer closes,  many families look toward saving money for next year’s vacations and fun activities. The Education Plan®, a 529 college savings plan, encourages families to save for higher education throughout the year in addition to summer entertainment and vacation.

“While you’re saving for your future vacation, consider saving extra for your future education needs or those of your children,” said Natalie Cordova, executive director of the Education Trust Board of New Mexico, the state agency that administers The Education Plan® 529 savings plan.

“Whether your children are just starting school or nearing high school graduation, it’s a good  plan to also think ahead to ease the burden of education-related expenses and debt.”

According to the Education Plan’s website, the average total cost to go to college full-time for even in-state students — including tuition, books, and transportation costs — can be nearly $28,000 a year.

A 529 college savings plan is designed to help families pay for college expenses. Money in a 529 college savings plan has tax advantages, is professionally managed, and may benefit from the power of compounded growth, the website states.

529 college savings plans can be opened for as little as one dollar and can be added to at any time, as the account holder is able. Even small contributions add up, and the earlier an account is opened in a child’s life, the more the account can grow through compounding.

“While beginning an account early in life is ideal, an account can be opened at any time—for any beneficiary,” Cordova said.

“Invest in your children’s  future success, as studies show students with at least $500 saved for college are three times as likely to go to college and four times as likely to graduate. With higher education linked to greater job opportunities and higher paying salaries, a 529 college savings plan helps you prepare for a brighter future for you and your loved ones.”

The plan can be used to pay qualified education expenses including tuition, books, supplies, housing, meal plans, and computers at four-year universities, community colleges, career and technical schools, and registered apprenticeships.

To learn more about the Education Plan® or to set up your account this summer, visit TheEducationPlan.com or call (877) 337-5268.