Mississippi Prepaid Affordable College Tuition Plan

COLUMBUS, Miss. (WCBI) – Saving can be a hassle for anyone in general but especially those preparing to go to college.

For Mississippians, however, the state has a plan.

The price tag on a college education in Mississippi runs about $8,000 a year.

That’s tuition alone, and the experts say it’s not getting any better.

“Now she’s ready to adventure into college and her tuition is paid for in full,” said local parent Kelly McKeller.

McKeller says she has the Mississippi Prepaid Affordable College Tuition Plan to thank.

“Of course, the money saving aspect of purchasing college at the rate that it was 15 years ago, was what we were looking for. We were trying to save money of course so we didn’t have to pay full tuition prices like they are now,” said McKeller.

“The Mississippi Prepaid Affordable College Tuition Plan allows parents to pay today what college costs in the state of Mississippi today for future use,” said Financial Adviser Rhonda Ferguson.

McKeller joined MPACT when her daughter was 4-years-old and tuition was $3,000 a year.

Ferguson says parents looking to start, should. The cost won’t get any cheaper.

“A new born today, would pay about $35,000  for 4 years of college. Well, I can tell you that 18 years from now, those 4 years of college will cost about $125,000 so it really makes scene to do that,”said Ferguson.

McKeller says she is happy to be on the plan, it’s lightened the burden for her family as they prepare to start another chapter of their lives.

” When we went last week and looked at what it would cost it was nice to see that that was already shaved off the top. We didn’t have to pay for tuition. We can look at the other costs that are involved with tuition’s paid for,”said McKeller.

The MPACT payments are deductible for Mississippi income tax purposes and earnings are exempt from federal and state income tax.