Family Resource Management
Living for Today — Planning for Tomorrow
News You Can Use
Turn Back the Clock on College Costs
Have you ever wanted to just stop the clock or turn back the clock to the prices of “the good old days?” When it comes to paying for college, these may be the good old days. You can lock in today’s college costs for your scholars of the future by enrolling in the Mississippi State Treasurer’s MPACT program now during the open enrollment period – September, October and November.
Mississippi, as well as every other state, offers college savings plans sometimes referred to as Section 529 plans. MPACT is the prepaid plan that is guaranteed by the State of Mississippi to cover the cost of college tuition and mandatory fees at Mississippi’s public colleges—and you can also use the benefits for private or out-of-state schools.
With MPACT, you can lock in the price for a child’s college tuition today regardless of future tuition increases. The child must be age 18 or younger and not yet in college. You can purchase the MPACT plan, paying today’s college prices, with a one-time payment, annual payments, monthly payments, or a partial down payment followed by monthly payments.
Unlike investing in the stock market, you can’t lose! Your account can be transferred to another child or even cancelled. If canceling is necessary, you get back the total amount you paid into the program plus earnings on the account minus a cancellation fee (currently $25).
Either the purchaser or the student must be a Mississippi resident. MPACT plans can be purchased by family, friends, corporations, or nonprofit groups. What a great gift for grandparents to give grandchildren! Even for your own children who will enter a college or community college in the next couple of years, wouldn’t you rather pay today’s prices than take a chance on future tuition costs that continue to rise?
For more information on Mississippi’s Prepaid Affordable College Tuition Plan (MPACT),
call the State Treasurer’s Office at (800) 987-4450 or visit their website at:
www.collegesavingsmississippi.com
