Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.2 - Contract Benefits › Rule 38-2-11.2.2 - Beneficiary's Projected College Entrance Date

Current through June 25, 2024
At the time of application, if the Qualified Beneficiary's
					 Projected College Entrance Date will be later than the Projected College
					 Entrance Date which is supplied by the State Treasurer and which corresponds to
					 the Beneficiary's current age and/or grade, the MPACT Contract Purchaser must
					 submit a written request to the State Treasurer to change the Projected College
					 Entrance Date to a later year. The written request must be accompanied by
					 sufficient documentation, deemed acceptable by the State Treasurer,
					 substantiating the Purchaser's request for a change in the Beneficiary's
					 projected College Entrance Date. Acceptable documentation may include a
					 certified letter from the Beneficiary's principal or school teacher verifying
					 that the Beneficiary has or will be held back a grade. The Contract Purchaser
					 must also sign a certification form, provided by the State Treasurer, agreeing
					 to pay any additional amounts which may be due on the MPACT Contract as a
					 result of providing invalid information about the Qualified Beneficiary's
					 Projected College Entrance Date and/or contract payment amounts due. Both the
					 required documentation and the completed and signed certification form must be
					 submitted to the State Treasurer prior to the first payment due date of the
					 MPACT Enrollment Period in which the Qualified Beneficiary is enrolled in the
					 MPACT Program. If the Purchaser fails to provide all documentation within two
					 (2) months of the first day of the MPACT Enrollment Period in question, the
					 State Treasurer may not change the Qualified Beneficiary's Projected College
					 Entrance Date or the MPACT Contract amount due.
Furthermore, when the Qualified Beneficiary begins to use
					 the MPACT Contract benefits, if the Beneficiary enrolls in college in the
					 Projected College Entrance Year which corresponds to the Beneficiary's age or
					 grade, and not in a later year furnished by the Purchaser when the MPACT
					 Contract was purchased, the Contract Purchaser must pay any Actuarial
					 Assessment required to compensate for the difference in the MPACT Contract
					 Price corresponding to the Projected College Entrance Date furnished by the
					 Purchaser during the MPACT Application process, and the actual date of college
					 entrance when the Beneficiary matriculates.
If the Beneficiary is held back or advances after the MPACT
					 Contract is purchased and an account has been established, there will be no
					 adjustment in the MPACT Contract Payment Schedule. However, upon a written
					 request with sufficient documentation from the Purchaser, the projected College
					 Entrance Date will be changed to reflect the revised Projected College Entrance
					 Date.
The Purchaser should provide written notice of intention to
					 advance or to delay benefits under the MPACT Contract a minimum of sixty (60)
					 days prior to the new matriculation date of the Qualified Beneficiary. Failure
					 to give notice within sixty (60) days may result in assessment of a fee to the
					 MPACT Contract Purchaser in accordance with Rule 12.2 L.
Miss. Code Ann.
					 §
											37-155-9
					 (Rev. 2003).