An expanded college savings opportunity is now available to youth in the Magnolia State.
The Children’s Foundation of Mississippi, in collaboration with Entergy Mississippi, has updated its Kids to College (KTC) program to match funds for eligible families opening a college savings account for children ages 16 and under looking to get a headstart on financially preparing for education after high school.
Eligible families opening a KTC account will now receive an automatic $50 contribution from Entergy just by creating the account. The power company will also be providing $365 in matching funds for the remainder of the current calendar year.
KTC, a my529 savings account, is intended for postsecondary education, enabling families to save for two- or four-year college, trade school, or technical school.
Children with dedicated education savings accounts are four times more likely to attain a postsecondary degree, regardless of the amount saved, research indicates. The KTC initiative is particularly impactful in Mississippi, addressing the state’s current challenge of having the lowest rate of postsecondary degrees obtained nationwide.
To qualify for Entergy’s $50 contribution and up to $365 in matching funds, families must meet the following criteria:
- The account owner must be an Entergy customer.
- Families should meet annual income thresholds of $60,000 for single-parent or guardian households or $80,000 for dual-earner households.
- The child must be aged 16 or younger.
More information about the program can be found here.
