Flexible and Versatile
The Education Plan is both flexible and versatile, individuals can open an account for anyone – a child, other loved ones or even themselves. Plan funds can pay for qualified expenses including tuition, housing, books, computers, fees and more, and can be used at any accredited college, university, professional, trade or vocational school anywhere in the country or online, and even many internationally.
If a plan beneficiary doesn’t use the money in the account, the account owner can change the beneficiary to another member of the family. In addition, 529 plan savings have a minimal effect on financial aid eligibility if owned by a parent or the student.
Family Friendly businesses can easily promote a strong workforce by enhancing their benefits package by including The Education Plan. If more employers followed suit, it could have an unprecedented impact on workforce and economic development in New Mexico.