The Education Trust Board is the governing body for New Mexico’s 529 college savings programs. The board is administratively attached to the New Mexico Higher Education Department. Members are appointed by the Governor, Senate Pro Tem, and Speaker of the House of Representatives. The board is responsible for making rules and regulations for the development and implementation of the Education Trust Act.
What is a 529?
A 529 college savings plan is a tax-advantaged account designed to help you 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. You can choose from multiple investment options for your contributions to the 529 plan and start an account at any time, with no minimum contribution.
The state of New Mexico sponsors two plans: a direct-sold plan and an financial professional-sold plan.
The Education Plan
(New Mexico's Direct-Sold College Savings Plan)
The Education Plan lets you open a tax-advantaged account directly and choose from a variety investment options. While there will be some fees, this option will be less expensive than the financial professional-sold plan because you are investing without the assistance of a financial advisor who may charge for their services. The Education Plan offers a variety of investment choices designed to meet your needs, situation, and risk tolerance.
Scholars Edge
(New Mexico's Financial Professional-Sold College Savings Plan)
Scholar’s Edge also lets you take advantage of tax-advantaged savings, but you will have a financial professional to help you select investment options. You and your financial professional will be able to choose from a wide menu of portfolios or craft a completely custom savings plan. Fees and/or commissions for these services will vary; ask your financial advisor for more information.