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PRESS RELEASEOffice of Missouri State
Treasurer |
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PRESS RELEASEOffice of Missouri State
Treasurer |
ST. LOUIS- (September 28, 2006)- Missouri State Treasurer Sarah Steelman, St. Louis Mayor Francis Slay, and Sue Stepleton, President of Parents as Teachers, today encouraged all Missouri families to start saving for college by highlighting recent improvements in the state and federal tax-advantaged savings program and a new outreach partnership with Parents as Teachers.
“All parents have high hopes for their children,” said Steelman. “In today’s world, a college education is essential to making the hopes and dreams of children and their parents become reality.
“Parents today are facing the difficult task of saving enough to cover tomorrow’s ever-increasing tuition rates,” said Steelman. “MOST can help. In talking to parents throughout the state about their dreams for their children, Parents as Teachers was mentioned over and over again as one of the most credible sources of information on child development available to them. This partnership with Parents as Teachers will further our goal in making the dream of college a reality for the children of Missouri.”
The new partnership with Parents as Teachers will help raise awareness of the MOST program among parents with young children. Parents as Teachers has committed to distributing information about college savings and the MOST program to parents just beginning their families. Parents as Teachers reaches nearly half of the families with young children in the state – more than 100,000 families with nearly 150,000 children.
“If Parents as Teachers can help Missouri's parents prepare their children to learn when they start school, together with MOST we can help encourage families to start saving toward their children's college education. Imagine the positive results for this state!” said Stepleton
Elements of the MOST – Parents as Teachers partnership will include:
· Distribution of MOST materials to all Missouri families at 6 months visit
· Briefings by MOST representatives to Parents as Teachers regional coordinators at regular quarterly meetings
· Invitation to MOST representatives to attend the Missouri Department of Elementary and Secondary Education "Conference on the Young Years" and the Parents as Teachers Annual conference.
MOST – Missouri’s 529 College Savings Plan gives parents the opportunity to receive state tax incentives for saving. Accounts can be started and maintained for as little as $25 per month (and in some instances less). Anyone – parents, grandparents, friends, even the students themselves – can contribute to an account. Accounts can be transferred within families subject to certain limitations. Money can be used for any qualified higher education cost – including tuition, certain room and board expenses, books, and supplies – and can be used at accredited colleges and universities across the nation and even some overseas.
At the federal level, Congress and the President recently made permanent provisions in the federal tax code allowing earnings to be tax-exempt when withdrawn if used for such higher-education expenses.
About Parents as Teachers
Parents as Teachers is the overarching program philosophy of providing parents with child development knowledge and parenting support. The organizational vehicle for delivering that knowledge and support is Parents as Teachers National Center.
About Upromise
Upromise Investments, Inc., who serves as the Program Manager to MOST – Missouri’s 529 College Savings Plan, provides plan administration to eight states and more than one million participants.
Upromise Investments affiliate, Upromise, provides a free loyalty marketing service, allowing more than seven million members nationwide to accumulate college savings when making everyday purchases. Upromise's broker/dealer, Upromise Investments, provides plan administration to seven states and more than one million participants.
About Vanguard
Vanguard is one of the nation's most respected investment management firms and a leader in the 529 College Savings marketplace. Vanguard manages more than $1 trillion in U.S. mutual fund assets, including offering investment options in 16 state 529 plans totaling over $13 billion in assets.