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September 01, 2021

MDHEWD Partners with Missouri Treasurer to promote College Savings Month

Kicking off College Savings Month, The Missouri Department of Higher Education & Workforce Development (MDHEWD) announced a partnership with Missouri Treasurer Scott Fitzpatrick to encourage saving for higher education.

Throughout September, MDHEWD will join the Treasurer in sharing opportunities to learn about paying for higher education and the benefits of a MOST 529 plan.

“Financial literacy and planning ahead for education and training-related expenses can help minimize financial barriers to achieving career goals,” Zora Mulligan, Commissioner of Higher Education, said. “This month is a great opportunity to remind Missourians of the tools and resources available to help navigate that process and help set people up for financial success.” 

In partnership with Sallie Mae and the MOST 529 Education Plan, Treasurer Fitzpatrick and Jessica Duren, MDHEWD assistant commissioner of communications & outreach, will host a How to Find Free Money and Save for College webinar focused on providing information about saving for higher education and finding scholarship opportunities, which will take place on Tuesday, September 21, at 6 p.m.

The free virtual event will feature speakers from Sallie Mae, a nationwide consumer banking institution specializing in private student loans, and MOST, Missouri’s 529 Education Plan.

Those who wish to participate can register here.

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. Contributions are eligible for state tax deductions, which can save families up to $864 a year, and assets in MOST 529 accounts grow tax-free.

“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. “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.”

Missourians can also visit Treasurer Fitzpatrick’s Financial Literacy Portal for information about saving and paying for higher education, as well as games and activities focused on financial literacy for children and high schoolers. 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/.

About the Missouri Department of Higher Education & Workforce Development: The department works to empower Missourians with the skills and education needed for success. More information about MDHEWD can be found at https://dhewd.mo.gov or on Facebook and Twitter @MoDHEWD.