New Mexico 529 College Savings Plan
About: The Education Plan is New Mexico’s tax-advantaged 529 college savings plan, designed to help families and individuals nationwide save for future higher education expenses. It is offered by The Education Trust Board of New Mexico and is available to all U.S. residents. OFI Private Investments Inc. manages New Mexico’s direct-sold and advisor-sold 529 college savings programs. Both 529 plans use OppenheimerFunds along with mutual funds from several other fund families.
Phone #: 1-877-337-5268
Investment Options: Contributors can choose between 2 age-based approaches, one containing 8 portfolios of underlying mutual funds invested in a blend of actively-managed and index funds and the other containing 8 portfolios of underlying index funds. Investments are managed by OppenheimerFunds Inc. and its affiliates along with Vanguard and Dreyfus.
Tax Benefits: Contributions to a New Mexico 529 plan are fully deductible in computing New Mexico taxable income.
State Residency Requirements: No state residency is required to participate in New Mexico 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.