The Missouri Saving for Tuition plan, a state-sponsored college savings vehicle, has boosted its attractiveness to parents and grandparents by cutting its expense ratio.

MOST's Vanguard-managed index funds -- the most attractive option, in my opinion --- will now charge 0.55 percent of assets, down from 0.62 percent. The plan's actively managed investments will charge a maximum of 1.58 percent, down from 1.66 percent.

The changes were announced in a letter from Missouri Treasurer Clint Zweifel. Collectively, he says, account owners will save $900,000 a year. If you have $10,000 in one of the index-fund investments, you'll save $7.

Zweifel didn't give a reason for the change, but it may reflect the comopetitive nature of the college-savings business. Missourians can get the same tax breaks -- including a state income-tax deduction of up to $8,000 per person, $16,000 per couple -- whether they contribute to MOST or to a plan sponsored by another state.

Upromise, which manages the Missouri plan, also runs an Indiana plan that charges between 0.52 percent and 0.55 percent for age-based investment options that are similar to Missouri's. Utah's plan, also using Vanguard funds, has rock-bottom expenses of between 0.22 percent and 0.34 percent. (If you're shopping around, though, read the fine print: Some plans charge an annual fee to out-of-state residents.)

Another recent change makes MOST more useful for parents who haven't planned ahead: This year's Legislature did away with the requirement that plan assets had to be held for one year. So it's possible to sock away money now, get the full tax break, and take it out next month when Junior's tuition bill is due.