Investing in Mississippi’s Next Generation
There are few things more fun than handing a student a scholarship. And in the last few weeks, my team has gotten to do that – a lot.
We’ve awarded scholarships at pep rallies and cheerleading competitions – at women’s summits and parent nights. Every time, we’re showing up with big checks and even bigger enthusiasm for the college and career savings programs we manage. But there is a much bigger purpose behind what we’re doing.
With every check our team hands over, we’re helping Mississippi families start thinking about what comes next.
Getting the training required for almost any career field can be expensive – whether that path leads you through the university system or a vocational degree program. And the longer families wait to prepare, the harder those costs can be to manage. That’s where the Mississippi Treasury can help.
The state-backed Mississippi Affordable College Savings program, or MACS, is a flexible savings option that functions much like a traditional savings account (although it comes with some nice tax advantages). An account can be opened with as little as $25, and the money can be used for a wide variety of qualified education expenses, including tuition, books, school supplies, and career training. MACS has a gifting portal that makes it a great way for friends and grandparents to contribute.
What’s more is that a MACS account is more affordable to manage than ever before. On August 1 of this year, our team was able to reduce MACS fees by nearly 20 percent, meaning more of your money will stay invested for your child’s future.
Then, there is the Mississippi Prepaid Affordable College Tuition program, better known as MPACT. The program is celebrating its 30th anniversary this year and even after all these years, the idea behind MPACT remains the same: Lock in today’s tuition rates; prepay your child’s college tuition.
MPACT Plans will require more than the $25 it takes to start a MACS account. With MPACT, families are purchasing a prepaid tuition contract with an established payment arrangement.
I talk about these programs because I see them as something much more than funding mechanisms for a good education. I see them as part of Mississippi’s economic future.
We need nurses in our hospitals. We need welders, electricians, engineers, teachers, and accountants. We need young people with the skills to take good jobs, start businesses, raise families, and build things. And we need those same young people to know they can do all of it without leaving Mississippi.
That’s what these scholarships are really about. Yes, it’s fun to surprise a student with a $500 check, but if that money gets a family talking about college or career training, then we’ve accomplished something much bigger.
So, we’re going to keep showing up at schools. We’re going to keep handing out scholarships. And we’re going to keep encouraging parents and grandparents to start saving, even if they can only begin with $25 – after all, sometimes the most important thing is to just get started.
Learn more about MACS and MPACT at treasury.ms.gov/collegesavings. Interested in bringing College and Career Savings Mississippi to your school or community event? Email collegesavings@treasury.ms.gov to explore opportunities with our team.
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