MPACT 30th Anniversary
1996. It was the year “Independence Day” hit theaters – the year “The Macarena” spent 14 weeks at the top of the charts. Americans tuned in to Fox News Channel for the first time and lined up to get their hands on the new Nintendo 64. The Olympics came to Atlanta, but Michael Jordan earned his fourth NBA Championship with the Bulls in Chicago.
And while all of that was “da bomb,” as we said in those days, perhaps one of the most quietly impactful events in Mississippi was that it was the first year families could participate in the Mississippi Prepaid Affordable College Tuition program, better known as MPACT.
Over the last 30 years, MPACT has helped thousands of Mississippi families build a financial path to college. The concept is simple: Parents and grandparents can lock in today’s tuition rates and prepay the cost of college, protecting your families against tuition increases down the road.
Of course, like many of us, MPACT has endured its share of bumps and bruises over those three decades too. When I took office as State Treasurer, MPACT’s Legacy Program was funded at just 72 percent. Without action, Mississippi taxpayers could eventually have been left on the hook for a massive bailout.
I wasn’t willing to let that happen.
Rather than ask taxpayers to foot the bill, I worked with the legislature to restructure the way these dollars were invested and put MPACT on stronger financial footing. Today, the Legacy Program is more than 100 percent funded. We restored its financial health without adding a single penny to the taxpayers’ ledger.
That turnaround is worth celebrating, but our work isn’t finished.
Over the last three decades, the cost of a college education has more than tripled, according to the Education Data Initiative. And for Mississippi families trying to plan years into the future, those rising costs can make an already difficult financial goal feel even further out of reach.
That is exactly why programs like MPACT matter.
MPACT gives families a way to plan ahead, lock in tuition costs, and gain greater certainty about one of the largest expenses they may ever face. As we begin MPACT’s next 30 years, my goal is to make sure even more Mississippi families know this opportunity is available to them.
On September 1, MPACT Open Enrollment begins for the thirtieth time. If college may be in your child’s or grandchild’s future, I encourage you to take a look at what MPACT can offer your family.
Visit treasury.ms.gov/mpact or call (601) 359-5255 to learn more. My team at the Mississippi Treasury stands ready to help you plan today for the opportunities of tomorrow.
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