Three out of every four Missouri parents have no designated savings plan to send their children to college.
That’s a shame. In the global economy of the 21st Century, a post-secondary education — vocational or two year/four year college/university is the most basic of dreams.
This morning, I am scheduled to meet with state treasurer Sarah Steelman to help call public attention to a newly enhanced college savings plan for Missouri residents. We’ll be joined by Sue Stepleton, president of Parents as Teachers, who will outline that group’s efforts to support college savings for families with young children.
The state’s college savings plan, called MOST, gives parents the opportunity to receive state tax incentives for saving. Savings accounts can be started for as little as $25 per month and anyone can contribute to the account. The accounts can ordinarily be transferred within families, and can be used at most accredited colleges and universities. The funds are tax-exempt when withdrawn for higher education.
MOST is a relatively simple, very flexible option that I hope parents will consider: better educated children, families, and workforces will make the City more successful.