Missouri State Treasurer Scott Fitzpatrick Thursday recognized September as College Savings Month. Sponsored by the College Savings Plans Network (CSPN), College Savings Month seeks to promote the importance of saving for higher education using a 529 account.
“Data demonstrates that having an education savings account makes it more likely a child will attend a higher education institution. Data also shows that education influences socioeconomic mobility,” Treasurer Fitzpatrick said. “As Treasurer, I have worked to lower accounts fees and to make MOST, Missouri’s 529 Education Plan as versatile as possible. Regardless of what higher education looks like for you—college, trade school, an apprenticeship—being financially prepared is necessary to avoid burdensome debt down the road.”
Administered by the Treasurer’s Office, MOST, Missouri’s 529 Education Plan, is a tax-advantaged savings plan for education expenses. Money in MOST accounts can be used to pay for K-12 tuition and apprenticeships, trade, college, and graduate school tuition and expenses, and up to $10,000 of student loan repayment. Contributions are eligible for state tax deductions and assets in MOST 529 accounts grow tax-free.
Missourians can visit Treasurer Fitzpatrick’s Financial Literacy Portal for information about saving for higher education and paying for higher education, as well as games and activities focused on financial literacy for children and high school students. Information for adults and recent college graduates about understanding credit, budgeting, and retirement is also available on the portal. The Financial Literacy Portal can be accessed at https://treasurer.mo.gov/financial-literacy/.
According to CSPN, Americans have more than $450 billion saved in 529 accounts.
More information about MOST 529 can be found missourimost.org.
No comments:
Post a Comment