GUEST COLUMN: Register for the Mississippi College Savings Art Contest<\/h2>\n
Published 8:00 am Saturday, January 28, 2023<\/p>\n
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By Treasurer David McRae | Guest Columnist<\/em><\/p>\n
What do you want to be when you grow up?<\/p>\n
We have all faced and been challenged by that question at one point or another. For our kids who are currently dreaming about future professions, many will answer, \u201cdoctor,\u201d or \u201cfireman,\u201d or \u201cpoliceman,\u201d or even \u201cPresident.\u201d That\u2019s the beauty of the next generation. They have boundless opportunities and unlimited imagination. This year, give your kids the chance to express those dreams with skillful creativity by entering the Tenth Annual Mississippi College Savings Art Contest.<\/p>\n
Each year, the Mississippi Treasury gives students, ages Pre-K through Grade 12, the opportunity to compete for $3,000 in scholarships \u2014 and this year\u2019s contest is officially open until Feb. 28.<\/p>\n
We offer awards in four age categories (PreK-Grade 2, Grades 3-5, Grades 6-8, Grades 9-12), with the first-place contestant in each age group receiving a $500 scholarship, second place receiving $250 and third place receiving $100. The scholarships come in the form of a Mississippi Affordable College Savings (MACS) account, offered through the Mississippi Treasury.<\/p>\n
The average Mississippi college graduate enters the workforce with $33,000 in student loan debt. That level of debt not only hinders our students\u2019 pursuit of additional education but in many cases can mean delaying major life events like purchasing a home, getting married or starting a family.<\/p>\n
MACS, however, makes it easy for parents, guardians and kids to start saving money for those expenses. It operates similarly to a savings account, allowing you to earn interest while also delivering tax advantages for most contributors. Parents, grandparents, and others can open an account for as little as $25, making it a great gift idea for birthdays, holidays and even kindergarten graduations.<\/p>\n
It\u2019s one of the best ways to invest in the next generation and the future success of your loved ones. Starting early and contributing regularly allows you to take advantage of the power of compound interest and helps lessen the amount a student must borrow to pay for college.<\/p>\n
A MACS investment does require funds to be used on educational expenses, but there is a lot that will qualify. Families can use MACS dollars for tuition, books, supplies, and certain room and board expenses. If your child attends a private school, the tax-advantaged funds can be used for elementary and secondary tuition expenses as well. It\u2019s also a great option if you\u2019re saving for advanced education, such as a Master\u2019s or Doctorate. To learn more about MACS, visit\u00a0Treasury.MS.gov\/MACS<\/a>.<\/p>\n
For the students participating in this year\u2019s\u00a0Art\u00a0Contest, I\u2019m hopeful the winning scholarships will kickstart recipients\u2019 college-saving plans while increasing awareness about the benefits of starting a MACS account. While you\u2019re on the Treasury website, take a few minutes to also learn about our affordable pre-paid tuition plan that lets families lock in today\u2019s rates to beat inflation and avoid future price increases.<\/p>\n
This contest celebrates seeing the ordinary from a new perspective, and that\u2019s the same skill set required to succeed in both higher education and the workforce. I\u2019ve been blown away by the talent and creativity in past years, so I\u2019m already looking forward to the 2023 submissions. The contest closes on Feb. 28, so now is the time to sign up and put paintbrush to paper.<\/p>\n
Whether your child\u2019s response to \u201cWhat do you want to be when you grow up?\u201d is \u201cPrincess\u201d or \u201cPresident,\u201d please visit Treasury.MS.gov\/