Saving for College
There are many ways to save for college – set aside money every week, open a savings account at your bank, fill a mason jar.
529 Plans are also a popular option. A 529 Plan is an education savings plan operated by a state or educational institution to help families set aside funds for future college costs. They are called 529 plans, because they were authorized by section 529 of the IRS code.
Mississippi offers two plans, administered by the State Treasury Department:
MPACT allows Mississippi residents to pre-pay for college tuition and mandatory fees (thus locking in the rates) at Mississippi public colleges and universities or for private or out-of-state colleges based on Mississippi’s average tuition rates.
MACs is an investment program that allows families to invest money for tuition, books, room and board, required supplies and graduate school. MACS funds may be used at any accredited college or university anywhere in the U.S.