McRae: Oh, the Places You’ll Go

By Treasurer David McRae

Mississippi just received some outstanding news: While reading scores are falling across the country, Mississippi’s are improving dramatically – so much so that some have called it the “Mississippi Miracle.” In fact, students in our state are now scoring above the national average, and I couldn’t be prouder.

In recent years, our teachers have put a bigger emphasis on phonics and schools began early intervention plans for poor readers in grades K-3. It worked, and the results have cascaded up to success in higher grades too.

Today, Mississippi’s high school graduation rate is up almost 15 percent from 2013. At 89.2 percent, it is also higher than the national average of 87.4 percent.

All of this begs the question: What’s next?

The reality is that education at all levels is intended to enrich one’s life but also to get you a job. According to Georgetown University’s Center for Education and the Workforce, 72 percent of jobs will require more than just a high school diploma by 2031. In Mississippi, Georgetown’s study finds that 144,000 job openings will be created annually in our state between now and 2031, 91,000 of which will require post-secondary credentials. This is where the Mississippi Treasury’s College and Career Savings program comes in.

To be clear, post-secondary education does not necessarily mean a four-year college degree. It might mean a trade school, certification program, or two-year associate degree.

For those pursuing less than a four-year degree, a Mississippi Affordable College Savings (MACS) account is likely most helpful. These accounts require a contribution of just $25 to open and anyone can contribute from that point on. Once you’re ready to use the funds, they can be spent on almost any educational expense, from tuition for a vocational training program to books and tools needed for an apprenticeship.

If a four-year degree is in your child’s future, however, you might want to consider the Mississippi Prepaid Affordable College Tuition (MPACT) program. An MPACT Plan allows families to lock in today’s tuition rates and prepay their child’s tuition and mandatory fees. MPACT enrollment is currently open, but it will close on May 31.

This month, schools across the country celebrated Dr. Seuss Week, so I’d be remiss not to close with a little advice from him: “You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.” Alongside the improved reading scores, having a college savings plan opens the door so a child in your life can go in any direction they choose.

If you have any questions or would like to discuss plan details, please reach out to our team at CollegeSavings@Treasury.MS.Gov or (601) 359-5255. We’d love to help your family get to all the places they want to go!

Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College and Career Savings Mississippi, and has returned more than $100 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.