Prepaid college tuition enrollment is open
Published 1:00 pm Monday, September 19, 2022
Enrollment is now open through May 31, 2023, for families who want to prepay college tuition for a child, grandchild or other loved one. The plan allows families to lock in today’s rates for future college tuition costs.
With inflation skyrocketing, and college tuition costs going up even more than the rate of inflation, now is the time for Mississippi families to lock in rates and save thousands in the future.
College costs have increased 160 percent since 1980. Between tuition, room and board, books, and other expenses, a college education typically costs families around $27,000 annually for a public, in-state university and $55,000 annually for a private college, according to a 2021 College Board report. As a result, most rely on loans that take years or decades to repay.
Annual tuition hikes are now the norm, leading U.S. News and World Report to predict that by 2030, annual public university tuition costs could reach $44,000.
Earlier this year, we asked Mississippians if they knew they could lock in today’s tuition rates, insulate themselves from future price hikes, and begin pre-paying their child’s tuition. Two out of every three Mississippians were unaware. That means we still have work to do.
The Mississippi Prepaid Affordable College Tuition program has saved hundreds of families thousands of dollars on tuition. Perhaps even more importantly, MPACT has put an affordable college experience into the hands of many members of the future workforce.
The average Mississippi student graduates with $30,000 of debt. By enrolling in MPACT, families can dramatically reduce — and likely eliminate — that decades-long burden.
For more information, call 601-359-5255 or visit Treasury.MS.gov/MPACT.
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 $50 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.