For the sixth year, the Office of State Treasurer Lynn Fitch and Mississippi Children’s Museum (MCM) will be celebrating September as National College Savings Month by partnering on Saturday, September 8th to promote strategic ways children and families can save for educational expenses.
All day on September 8th, admission to the MCM for all guests will be only $5.29. Staff from both the College Savings Mississippi at the Treasurer’s office and MCM will be at the museum leading financial literacy activities and helping children build their own savings banks. The Treasurer’s office will also share information with parents about signing up for a 529 college savings plan. Families will also be invited to enter a drawing to win one of two $529 college savings scholarships.
MCM President Susan Gerrard expressed how excited they are about this partnership.
“We are very excited about our partnership with the State Treasurer’s office in the crucially important work of preparing families and children for college tuition costs,” said Gerrard. “Everything we do is centered around providing and advocating for opportunities for children in Mississippi. We know how critical access to higher education is in determining life trajectories for our students and we appreciate the State recognizing us as a principal partner in this effort.”
State Treasurer Lynn Fitch also expressed her excitement. She said they are looking forward to helping Mississippi families expand their saving opportunities and meet their education goals.
“With the new expansion of 529 college savings plans, families now have the opportunity to not just save for college but also for elementary and secondary tuition expenses, as well,” said Fitch. “With 529 plans, all your education dreams can be affordable for every size budget. 529 Day at the Mississippi Children’s Museum gives parents and children the opportunity to learn more about building that foundation for their future in a fun, interactive learning environment.”
A 529 plan, named for its section of the federal tax code, is an educational savings plan operated by a state or educational institution designed to help families prepare and save for future education costs. In Mississippi, State Treasurer Lynn Fitch’s office offers two plans through College Savings Mississippi: MPACT, the Mississippi Prepaid Affordable College Tuition program, and MACS, the Mississippi Affordable College Savings program. Both over tax advantages to help stretch your savings dollar.
MPACT is a prepaid tuition plan that prepays the cost of tuition and mandatory fees, protecting against the future rise in college tuition. MACS helps Mississippi families save for future college expenses such as tuition, books, laptops, supplies, and certain room and board expenses. Under the tax reform package passed by Congress in December 2017, MACS can also be used for up to $10,000 per year for elementary and secondary tuition expenses at private, religious, and public schools.