Step 1 – Parents – Save for College
Step 1 – Save for College
There are many ways to save for college – set aside money every week, open a savings account at your bank…
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 savings 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.
AmeriCorps and America Reads – Mississippi
AmeriCorps, the domestic Peace Corps, engages more than 50,000 Americans in intensive, results-driven volunteer service each year. Students who join AmeriCorps as members can earn education awards of varying amounts depending on the type and length of service.
America Reads – Mississippi (ARM) is a statewide literacy-focused national service AmeriCorps program funded by the Corporation for National and Community Service. ARM is dedicated to improving the reading skills of students, encouraging public awareness and support for literacy, and helping to increase the number of certified teachers in Mississippi.
AmeriCorps members tutor K – 3rd grade students during the school day and in after school programs, support school and community efforts to increase parental and community support and involvement; recruit volunteers to assist with community service projects; attend regular training to gain skills necessary to meet service obligations; and assist in generating and supporting statewide and local community service projects and activities. Each year, an average of 75% of ARM members indicate their desire to become certified teachers. Many former members have used their education award to become certified teachers and are now teaching in schools where they once served.
Military service offers a number of education benefits that can be used while you are on active duty or after you leave the service.
The GI Bill, is the main piece of legislation that outlines the educational benefits of serving in the military. There is one GI Bill for Active Duty Members and Veterans and another for Reservists. All of Mississippi’s public universities and community colleges offer services for veterans and military personnel. Get started by contacting the Veteran Affairs office of the university, college or community college you want to attend. Click here for a list of Veteran’s Offices on Campus.
Education Tax Credits
Find out about education tax credits that are available from the IRS.