McRae: School is Back; So is MPACT
By Treasurer David McRae
Note: The following item is provided by Mississippi State Treasurer David McRae. Any opinions expressed are that of the author and not necessarily that of this publication.
School is back in session and so is the Mississippi Prepaid Affordable College Tuition (MPACT) program! Now through May 31, families can enroll in MPACT to lock in today’s tuition rates and pre-pay a child’s university or community college tuition (in part or in full).
Over the last 20 years, the average cost of college tuition and fees has increased 179.2 percent, according to EducationData.org – and that growth shows no signs of slowing down. That’s a number I always think of when talking to families about MPACT. After all, if you’re able to enroll in the program while your child is young, you can protect yourself from nearly two decades of tuition rate increases.
That said, I’m under no delusion that pre-paying college isn’t in everyone’s budget. For many, it’s difficult enough to pay for diapers and daycare and their own degree (perhaps that’s why we see so many Mississippi grandparents get involved in the MPACT program)! But if it’s at all in your family’s budget, I’d recommend a conversation with our team. You can learn more at treasury.ms.gov/mpact or by calling us at (601) 359-5255.
In addition to MPACT, our team can help you invest in a child’s education through a Mississippi Affordable College Savings (MACS) account. These accounts let you save in bit-size increments and give you the opportunity to earn interest on anything you can put away. MACS accounts can be opened with as little as $25 and come with some enticing tax advantages too.
Of course, one of my favorite parts of MACS is how flexible it is. The funds you save can be used for tuition, room and board, books, computers, apprenticeships, certifications, a vocational degree, a teacher’s classroom supplies, primary and secondary school tuition, and more. Learn more at treasury.ms.gov/macs.
Whatever your child’s ambition – and whatever your family’s budget – I’m confident Mississippi College and Career Savings can help you maximize your dollars and secure the career of your choice.
Finally, on behalf of the entire State Treasury, I want to wish all of Mississippi’s students and teachers a happy, productive, and healthy school year.
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 Savings Mississippi, and has returned more than $85 million in unclaimed money to Mississippians. For more information, visit www.Treasury.MS.gov.
