State 529 plans allow parents to invest money for their children's college education and then withdraw it tax free for schooling. These plans are considered by many to be among the best investments parents can make in their children's future.
Here are four facts about Mississippi's 529 plan.
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1. Mississippi offers one savings plan, a direct-sold plan called the Mississippi Affordable College Savings Program managed by TIAA-CREF Tuition Financing Inc. The state also offers a prepaid tuition option in which Mississippi residents can lock in today's tuition rates for when their children enter college in the future,
according to Savingforcollege.com.
2. Contributions to Mississippi's 529 plan are tax deductible. The state offers up to $10,000 in deductions for those who file as a single person and up to $20,000 for those who file jointly,
according to U.S. News & World Report.
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3. The plan includes no application, enrollment or account maintenance fee, U.S News & World Report noted. Underlying investment fees for most plan options range from 0.15 percent to 0.22 percent. The total asset-based expense ratio ranges from 0.65 percent to 0.72 percent. The maximum contribution limit for the Mississippi plan is $235,000 total.
4. The Mississippi 529 plan has garnered good reviews.
Morningstar, an independent investment reviewer, called the Mississippi Affordable College Savings Program "a solid choice for index-oriented investors."
Consumer expert Clark Howard in April 2015 put the plan on his honor roll and encouraged Mississippi residents to choose it for their college savings.
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