Mississippi Treasurer David McRae issued the following statement.
As teachers begin to welcome kids back to school, College Savings Mississippi is ready to welcome families back to MPACT! As of September 1, MPACT enrollment is open for the 2023-24 school year!What is MPACT? To put it simply: MPACT allows families to lock in today's tuition rates and prepay their child's college years! Yes, you read that correctly. You can sign up now to protect yourself from years of tuition rate hikes. It's quite the deal!
Today, Americans hold about $1.8 trillion worth of student loan debt. It's an amount that has tripled in the last decade and a half alone – and to be frank, I don’t think we’ve seen the peak of this growth. MPACT can help families reduce (or altogether eliminate) student loan debt. While I know a college degree isn't for every child, it does continue to offer upward mobility for many. According to the U.S. Bureau of Labor Statistics’ most recent quarterly report (Q2 2023), workers with a bachelor’s degree earn about 1.5 times more than their counterpart with a high school diploma, $1,588/week versus $889/week. For that reason, many families see a long-term financial benefit in investing in child’s degree. But growing student loan debt can put a serious dent in that additional income, making programs like MPACT essential.I encourage you to consider MPACT as an option for your family. To learn more about the program, please visit Treasury.MS.gov/MPACT. If you have specific questions, please call us at (601) 359-5255 or email our team at CollegeSavings@treasury.ms.gov.
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