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Jefferson City, MO –Missouri State Treasurer Scott Fitzpatrick today thanked the General Assembly for passing necessary legislation that expands the uses of MOST, Missouri’s 529 Education Plan, to include student loan repayment and apprenticeships. This follows an expansion at the Federal level under the 2019 Secure Act.

“As Treasurer, one of my most important jobs is helping Missourians prepare for their financial future,” Treasurer Fitzpatrick said. “We know there is a student debt crisis across the country and while I do not believe that student debt forgiveness is the right solution, this expansion will provide tax burden-relief for those paying student loans. By making costs related to apprenticeships an eligible expense, MOST 529 continues to be a tool that can help Missouri families prepare their children for success—regardless of their post-secondary education goals. I am grateful for the work of the General Assembly to make these important changes that will benefit Missourians at many stages of their financial life.”

“At the Department of Higher Education & Workforce Development we are focused on helping Missourians understand all of their options for success beyond high school,” Zora Mulligan, Commissioner of Higher Education, said. “Expanding MOST 529 to include costs associated with completing a Registered Apprenticeship reinforces that apprenticeship opportunities are a great option for continuing education and advancing in a career.”

                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 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.

                Under the expanded legislation, should the Governor sign the bill, beginning August 28, MOST 529 eligible expenses will include up to $10,000 of student loan repayment. Additionally, certain expenses, including tools, fees, textbooks, and supplies related to apprenticeships will also be eligible. An apprenticeship program must be registered with the Secretary of Labor’s National Apprenticeships Act in order for costs to be covered using a MOST 529 account.

“As our state seeks to rebound from COVID-19, apprenticeships will be a vital tool to help Missourians attain the skills needed for the post-pandemic economy. Missouri is already at the forefront of the apprenticeship revolution. Legislation like this will simply help expand access to this valuable form of training that employers are increasingly using to develop talented employees to fill in-demand positions,” Daniel P. Mehan, president and CEO, Missouri Chamber of Commerce and Industry, said.

Throughout the month of May, Missourians who open a MOST 529 account and schedule recurring contributions will receive a $25 contribution to their new account. Those who already save using a MOST 529 account will be entered in a grand prize drawing of up to $5,290 when they increase or establish a recurring contribution. For the rules and to learn more about how to enter, visit MissouriMost.org/MoMoney.

Treasurer Fitzpatrick is committed to making MOST as cost effective and accessible as possible. Earlier this year, the Treasurer announced the launch of READYSAVE™ 529, an education savings mobile application for MOST 529 account owners. In 2020, Treasurer Fitzpatrick announced changes to the MOST 529 Plan that save Missourians millions of dollars in program management fees.

More information about MOST, Missouri’s 529 Education Plan, can be found at MissouriMost.org.

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