State Treasurer Tate Reeves Reminds
Mississippi Families to Plan Ahead
May 29th is “529 College Savings Day”
(Jackson, Mississippi) –State Treasurer Tate Reeves, an Executive Board member of the College Savings Plans Network(CSPN), is encouraging Mississippi families to start saving today in the state’s 529 plans for future college expenses. Treasurer Reeves’ office administers the College Savings Plans of Mississippi, which includes two 529 savings plans—the Mississippi Prepaid Affordable College Tuition Program (MPACT) and the Mississippi Affordable College Savings Program (MACS).
“College Savings Day is a good reminder that if you are not prepared for the rising costs of college, it’s time for a plan,” said Reeves. “With college costs continuing to increase at an alarming rate and families facing more financial pressures than ever, Mississippi’s 529
plans offer an affordable and tax-advantaged way to start saving now,” he added.
The increasing price tag at our universities has made a college education more difficult to achieve. Tuition in Mississippi has increased an average of 5.5 percent annually, leaving many students saddled with insurmountable debt. 529 plans were established as an affordable option for saving for college expenses, and they were also created as a means
for states to increase awareness of higher education to build a better workforce.
MPACT is guaranteed by the state of Mississippi and locks in today’s tuition prices, eliminating the effects of future tuition hikes. Enrollment is September 1 – December 31
each year. MACS is an investment trust that is a companion to the prepaid plan, aiding in additional education-related expenses such as certain room and board costs, books, supplies, computers, etc. You can open a MACS account for as little as $25 any time throughout the year.
Mississippi’s 529 plans have unique benefits: both plans offer a Mississippi state tax deduction and the earnings are exempt from Federal and State income tax. The purchaser may also qualify for the Federal Gift Tax advantages.
“Proper planning by parents and grandparents early in a child’s life can make a significant difference when college draws near,” said Reeves. “College Savings Day is a great time
for parents to either establish a plan or possibly reevaluate their savings strategy.”
For more information on the College Savings Mississippi programs, please visit www.collegesavingsmississippi.com or call 800-987-4450 or 601-359-5255. For more information on College Savings Day, visit www.collegesavings.org.
