UM system embraces MOST program revamp
Published Nov. 14, 2006
UM system President Elson Floyd and Missouri State Treasurer Sarah Steelman have announced a new scholarship program that will be made available for MU students funding their education through the MOST investment program, Missouri's 529 College Savings Plan by fall 2007.
Floyd said during the announcement that MU is the first of Missouri's public institutions to embrace the program.
"We believe this program is a step in the right direction," Floyd said. "(MOST) is a program that Missourians embrace."
The new scholarship program will provide 20 scholarships to each of the four schools in the UM system. The scholarships present $500 per academic year to qualified full-time students of families that saved for college through MOST.
Missouri Treasury Department spokesman Mark Hughes said the university should be "commended for stepping up and partnering with the MOST program to enable kids to go to Mizzou."
"It's the first time that the state university system has partnered with the state's MOST plan," Hughes said. "As expensive as college is, that's a very good thing."
The announcement was made Monday morning to members of the local media at Stanley Hall in the classroom of Karen Kelley of the Child Development Laboratory, who teaches a class of preschoolers. TV cameras and business attire mingled with stuffed animals and finger-painted posters.
The shrieks of children playing in the courtyard outside Stanley Hall was audible from one of the classroom's windows.
Floyd said he could imagine no better place to break the news of the scholarship than in the company of young students.
Steelman said there is "no more precious asset to this state" than its children.
Before she spoke, Steelman brought a small group of children from Kelley's class to the podium to announce what they wanted to be when they grew up.
"We might have a budding president in this room today," Steelman said. "I want every child in Missouri to have an opportunity to college. Every child. And I think we can make it happen."
In addition to the scholarship program, Hughes said this year MOST has undergone a major overhaul. Funding for the program has increased, and Upromise Investments Inc. has been brought on board as management for the program. Upromise offers a rewards program that places a percentage of funds into the accounts of MOST clients that purchase goods and services from companies such as McDonald's, Coca-Cola, Target and Travelocity.com.
MOST is Missouri's version of the federal 529 savings plan. The plan was implemented as an act of the U.S. Congress in 1999, and is funded and managed by state governments. The plan allows families to invest money into accounts to save for future college costs. Under MOST, invested funds are untaxed at the state and federal levels, and funds can be used for tuition, books, supplies and certain room and board expenses.
Contributions to the fund are also tax deductible.