Mississippi Prepaid Affordable College Tuition Plan
Another way that parents can get ahead of the game would be to sign up for the Mississippi Prepaid Affordable College Tuition Plan or MPACT.
According to Treasurerlynnfitch.ms.gov, MPACT “is a Mississippi prepaid tuition plan that locks in the current tuition rates of higher education schools.” It allows tuition plans for universities and community colleges or a combination of both. MPACT lets parents pay for college through flexible payment plans (lump sum), annual and monthly payments, or a partial down payment followed by monthly or annual payments.
MPACT is the only 529 prepaid tuition plan available that is guaranteed by the state. Payments are also deductible for Mississippi income tax purposes and earnings are exempt from state and federal income tax. The flexibility of this payment plan makes it a great option for Mississippi residents.