McRae: Trump’s Big, Beautiful Impact on Education

By Treasurer David McRae

President Trump is doing what no other executive has had the backbone to do: he’s taking a sledgehammer to the bloated federal bureaucracy and giving power back to working families – and that includes in education.

There is a lot to be said about President Trump’s America First budget bill (often called the “One Big Beautiful Bill”), but today, I wanted to delve into its impact on college savings, an area in which the State Treasury is deeply involved.

I do believe that under this bill, Mississippi families stand to win big.

First, the legislation meaningfully expands Pell Grants, helping students with exceptional financial need afford a four-year degree or career training. Of note, more than 75,000 Mississippians currently benefit from the Pell Grant program, receiving an average award of $5,505 – the nation’s highest. Under the budget bill, Republicans began addressing the program’s budget shortfall, expended it to support trade school students, and incentivized recipients to complete college (and enter the workforce) faster.

Second, and perhaps most importantly, President Trump and congressional Republicans are putting you back in the driver’s seat when it comes to education by expanding the 529 college savings (which in Mississippi is managed by me and my team at the State Treasury).

More specifically, if this bill gets signed into law, your Mississippi Affordable College Savings (MACS) plan could help pay for more aspects of vocational programs and tech certifications, including welding, HVAC, and cybersecurity. That’s huge in a state like Mississippi, where we know a four-year degree isn’t the only path to a purpose-filled life.

But the changes go well beyond that. Additional expansions include the ability to use the funds for more tutoring, textbooks, test preparation, online learning, and homeschool materials. For those who need additional assistance, the funds could be used for things like speech and occupational therapy, as well as adaptive learning software.

Finally, for those who have student loans, the bill makes one last tweak to the 529 program to aid you in paying off remaining expenses. Unlike the Biden administration’s so-called “relief” schemes (which punish responsible borrowers), this is real reform rooted in personal responsibility. Under the plan, families would be able to use the tax-advantaged 529 savings they’ve accumulated to pay off existing student loans.

Here’s the bottom line: Through the budget bill, President Trump is giving parents, not bureaucrats, the power – and that, in and of itself, will have a big, beautiful impact on America’s education system.

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 $130 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.