Mississippi 529 College Savings Plan


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Mississippi 529 College Savings Plans

Mississippi offers several 529 college savings options.

Mississippi Affordable College Savings Program (MACS)

The MACS program allows account owners to invest toward the educational expenses of a beneficiary. The earnings on these funds grow federal and state tax deferred. As long as the funds are used for approved educational expenses, they are federal and state tax free. Additionally, Mississippi taxpayers can deduct up to $10,000 ($20,000 if filing jointly) from their Mississippi adjusted gross income.

The Mississippi Affordable College Savings Program is managed by TIAA-CREF Tuition Financing, Inc. and includes several investment options.
The Managed Allocation Option uses several types of investments, including equities, real estate, bonds and money markets. The funds are invested in TIAA-CREF mutual funds and as the age of the beneficiary progresses, the funds are reallocated towards less aggressive holdings.
The 100% Equity Option is for those investors who don't mind taking on more risk to possibly reap greater rewards. Funds are invested in various TIAA-CREF mutual funds, but the allocations remain the same over time.
The Guaranteed Option is for those investors who want a savings vehicle that is less volatile than the other options. The 100% Equity portfolio offers a minimum annual interest rate of 3%, as well as the possibility for additional returns.
For more information about the Mississippi Affordable College Savings Program visit http://www.collegesavingsms.com/

Mississippi Prepaid Affordable College Tuition (MPACT) Program

The MPACT program allows you to purchase future years of tuition at today's rates. The funds can be used to pay for tuition at Mississippi colleges, universities and community colleges. You may also use the funds to attend other schools, including those out of state, but the entire tuition bill may not be covered. The funds from an MPACT account may not be used for books, transportation, room and board, or other college costs except tuition. For more information about the Mississippi Prepaid Affordable College Tuition (MPACT) Program visit http://www.collegesavingsmississippi.com/.

You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.

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