McRae: Why We “Dig” College Savings

By Treasurer David McRae

This month, your College and Career Savings team attended the MHSAA Volleyball State Championship Games in Clinton. While we had a lot of fun cheering on the teams, we had a bigger purpose: We had some cash to give away!

I’ll admit: It wasn’t exactly cash. Instead, it was $5,000 worth of scholarships, delivered in the form of a Mississippi Affordable College Savings (MACS) account.

For those who aren’t familiar, MACS is a program offered through your State Treasury that allows families to save for education-related expenses in a tax-advantaged account. One of the things I love about these accounts is how accessible they are to Mississippians, as an account can be opened with a contribution as small as $25. Then, families can continue to contribute over time and watch those funds gather interest as their child ages. Once it’s time to use the account, families have a variety of options. They can spend the funds on K-12 private school tuition, college tuition and fees, apprenticeship programs, certifications, school laptops, room and board, and much, much more.

Moreover, you don’t have to be a parent to “assist” a loved one. MACS accounts can accept contributions from parents, grandparents, relatives, and even family friends.

If you “dig” these college savings, then I encourage you to learn more at treasury.ms.gov/macs.

Of course, MACS isn’t the only option offered through your Treasury. Families can also lock in today’s tuition rates and pre-pay college with a Mississippi Prepaid Affordable College Tuition (MPACT) plan. These plans require a larger financial commitment, but those who are ready to make that investment have a tremendous opportunity at their fingertips. Learn more about an MPACT plan at treasury.ms.gov/mpact.

Especially in today’s economic environment, our kids will have to navigate financial “blocks” earlier than previous generations were. Rent costs more. Groceries cost more. Used cars cost more. College and Career Savings Plans allow families to reduce or remove one of the blocks that may hold them back from achieving their God-given potential.

Help your child “ace” whatever they choose to do and start saving for college today. As you consider it, I encourage you to reach out to our College and Career Savings team, who can “set” you up with the information you need to make a good decision. Find us at treasury.ms.gov/CollegeSavings or by calling (601) 359-5255 or emailing CollegeSavings@treasury.ms.gov. 

Finally, I want to wish all of the athletes, coaches, and fans congratulations on participating in this year’s MHSAA Volleyball State Championship. We wish you the best going forward.

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 Savings Mississippi, and has returned more than $100 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov