BOSTON - State Street Global Advisors will launch its first college payment programs - a prepaid tuition plan and a savings plan - next month.

The prepaid plan will be available only in New Mexico at first, but the company intends to add other states later. The funds will be usable only at a state college in the state in which the plan is purchased.

The savings plan offers two investment options. The Age-Based Choice option involves moving funds automatically among five portfolios - the younger the child, more aggressive the choice. The Custom Choice option allows customers to invest with a financial analyst as they see fit in eligible funds.

Both plans will invest pre-tax dollars in mutual funds offered by State Street, Invesco, Janus, and MFS.

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