State Treasurer Clint Zweifel Announces Overwhelming Response for MOST 529 Matching Grant Program
State Treasurer Clint Zweifel announced today 305 MOST–Missouri's 529 College Savings Plan accounts have received $131,000 in Matching Grant Program funds. More than 2,100 Missourians applied for the program and more than 750 new MOST 529 accounts were opened.
"The 2012 MOST 529 Matching Grant Program’s overwhelming response shows Missourians are committed to preparing our youth for the future and that families know how important it is to save early and often for higher education," Treasurer Zweifel said. "Missourians can continue to apply for the Matching Grant Program each year for the next three years. I hope to see this program continue to inspire Missourians to save for their children’s future."
The direct-sold MOST 529 Plan Matching Grant Program provides a dollar-for-dollar match on contributions up to $500 per year to the MOST 529 accounts of qualifying applicants on a first-come, first-served basis. Over four years, MOST 529 will provide $500,000 in matching funds to help Missourians save for college, technical schools and vocational institutions.
The MOST 529 Matching Grant Program funds are distributed from contractually obligated funds, with no state funds being used. Approximately $125,000 in MOST 529 Matching Grant Program funds will be available each year on a first-come, first-served basis. Account owners must reapply each year for the program.*
Missouri residents can qualify for the MOST 529 Matching Grant Program under the following guidelines:
- Applicant must have or open a direct-sold MOST 529 account before applying.
- Applicant must be a parent or legal guardian of the beneficiary.
- Account owner and the beneficiary must be Missouri residents.
- The beneficiary must be 13 or younger when the Matching Grant application is first approved as qualifying.**
- The account owner's household adjusted gross income must be $74,999 or less.
- Account owner must reapply for the program each year.
The 2013 Matching Grant Program application period will run from June 1 through June 30. All applications must be postmarked by June 30, and applicants will receive notification of acceptance or denial by August 31. Applications will be available to download on June 1 and information for the 2013 Matching Grant Program will be available soon at www.missourimost.org. Matching Grant Program funds awarded in 2013 will be distributed into MOST 529 accounts by Jan. 31, 2014.
To learn more about the MOST 529 Matching Grant Program, or to open a MOST 529 account, visit www.most529grant.org.
Investment returns are not guaranteed, and you could lose money by investing in the Plan.
*The Missouri Higher Education Savings Program Board (the "Board") reserves the right to change or vary the terms of the MOST Matching Grant Program including the eligibility requirements and annual Matching Grant funds limit without prior notice. The MOST Matching Grant Program may be discontinued by the Board at any time. For more information about the MOST Matching Grant Program, please visit our website at www.most529grant.org or call 800-992-8790 for important information about eligibility requirements as well as limitations.
**Individuals who applied and were approved but did/did not receive Matching Grant Program funds in 2012 and whose child was 13 years of age in 2012, are still eligible to apply in the 2013 cycle.
If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.
The Missouri Higher Education Savings Program (the "Program Trust") is a trust created by the State of Missouri. When you invest in MOST—Missouri's 529 College Savings Plan (the "Plan"), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Higher Education Savings Program Board. Upromise Investments, Inc., and Upromise Investment Advisors, LLC, serve as the Program Manager and Recordkeeping and Servicing Agent, respectively, with overall responsibility for the day-to-day operations, including effecting transactions. The Vanguard Group, Inc. serves as Investment Manager for the Plan. Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., markets and distributes the Plan. The Plan's portfolios, although they invest in mutual funds, are not mutual funds.
Neither the Vanguard Group Inc. nor its affiliates make a determination or have any obligation to make a determination about the criteria and eligibility for the MOST Matching Grant Program.