Families can prepay and lock in today’s rates for future college tuition costs
Enrollment is now open from today, Sept. 1, 2022, through May 31, 2023, for families who want to prepay college tuition for a child, grandchild, or loved one. This plan allows families to lock in today’s rates for future college tuition costs.
Treasurer David McRae said, “With inflation skyrocketing, and college tuition costs going up even more than the rate of inflation, now is the time for Mississippi families to lock in rates and save thousands in the future.”
College costs have increased 160 percent since 1980. Today, between tuition, room and board, books, and other expenses, a college education typically costs families around $27,000 annually for a public, in-state university and $55,000 annually for a private college, according to a 2021 College Board report. As a result, most rely on hefty loans that take years – if not decades – to pay back.
Annual tuition hikes are now the norm, leading U.S. News and World Report to predict that by 2030, annual public university tuition costs could reach $44,000.
“Earlier this year, we asked Mississippians if they knew they could lock in today’s tuition rates, insulate themselves from future price hikes, and begin pre-paying their child’s tuition. Two out of every three Mississippians were unaware. That means we still have work to do, and that’s why we’re making this announcement today and encouraging people to call our office at 601-359-5255 to learn more,” said Treasurer McRae.
The Mississippi Prepaid Affordable College Tuition (MPACT) program has saved hundreds of Mississippi families thousands of dollars on tuition. Perhaps even more importantly, it has put an affordable college experience into the hands of many members of our future workforce.
“The average Mississippi student graduates with $30,000 of debt. By enrolling in MPACT families can dramatically reduce – and likely eliminate – that decades-long burden,” said McRae.
To learn more, visit Treasury.MS.gov/MPACT or call 601-359-5255.