McRae: 2025 MPACT Closing
By Treasurer David McRae
Summer is around the corner – and you can feel it in our household. The kids are ready for a break, and I’m sure their teachers are as well. But we haven’t arrived at summer just yet. While students may find that frustrating, it does mean one good thing for parents: there is still time to enroll in a Mississippi Prepaid Affordable College Tuition (MPACT) plan.
MPACT is a 529 college savings plan that allows families to lock in today’s tuition rates and prepay a child’s college. Enrollment is open seasonally and the 2024-25 season ends on May 31. It will reopen again in September, but prices could be higher.
Over the last 20 years, tuition and fees at in-state public colleges have increased by 133 percent, according to U.S. News and World Report. The chance of additional increases over the next 20 years is almost guaranteed. This is what makes MPACT such a good deal for families.
By signing on the dotted line today, families can protect themselves from 20 years of expected rate hikes, delivering both savings and financial predictability.
Of course, it isn’t just parents who can begin investing. Grandparents are also invited to purchase a plan for an in-state or out-of-state grandchild. Whether you’re a Southern Miss, Ole Miss, or Mississippi State family, this can be a smart way to get your grandkids back home.
As we approach the end of MPACT’s 2024-25 season, I encourage you to take the guesswork out of saving for a child’s college tuition. Please reach out to our team by calling 601-359-5255 or emailing CollegeSavings@treasury.ms.gov.
Once again, the deadline to enroll in an MPACT plan is May 31. Contact us today before the summer daze begins.
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 and Career Savings Mississippi, and has returned more than $100 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
