Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.2 - Contract Benefits

Current through June 25, 2024
The MPACT Contract guarantees, unless otherwise stated
				  herein, payment by the Trust Fund of Standard In-State Undergraduate Tuition
				  and Mandatory Fees on behalf of the Qualified Beneficiary of the MPACT
				  Contract, to the Postsecondary Institution in which the Qualified Beneficiary
				  matriculates.
The MPACT Contract guarantees the following:
A. Payment of Standard In-State Undergraduate
				Tuition of not more than five (5) years (155 semester hours);
B. Payment of Mandatory Fees for not more
				than ten (10) registrations on a semester system, fifteen (15) registrations on
				a quarter system, or the completion of 155 semester hours or the academic
				equivalent units on a quarter system of other academic term basis.
Any credit hours paid by the Trust Fund on behalf of a
				  Qualified Beneficiary reduce the remaining available credit hours under the
				  MPACT Contract. Even if the credit hours paid by the Trust Fund on behalf of
				  the Beneficiary are not counted by the Beneficiary's Postsecondary Institution
				  toward a college degree, the credit hours paid by the MPACT Trust Fund will,
				  nevertheless, decrease the remaining number of credit hours available for
				  utilization under the MPACT Contract.
Should the Purchaser cancel the Contract and request a refund
				  subsequent to the payment of any Tuition on the behalf of the Beneficiary, but
				  before total usage of the Contract benefits as described above, partial usage
				  will be calculated based on the number of credit hours used and the per credit
				  hour charge originally paid by the Purchaser for purposes of establishing the
				  refund amount due.
The MPACT Contract does not cover full tuition for specialty
				  courses of study if the specialty course's tuition rate exceeds the
				  Postsecondary Institution's standard undergraduate tuition rate. If the
				  specialty course's tuition rate exceeds the Institution's standard
				  undergraduate tuition rate, MPACT will pay an amount equal to the Postsecondary
				  Institution's standard undergraduate tuition rate for the number of semester
				  hours in which the qualified beneficiary is enrolled. The beneficiary's
				  Contract benefits will be reduced based on the number of hours paid on behalf
				  of the Beneficiary.
The MPACT Contract does not cover fees and costs related to
				  dormitory housing or any other type of housing. The MPACT Contract does not
				  cover meals, books, transportation, supplies, college application or entrance
				  fees, or orientation fees. The Contract also does not cover miscellaneous fees
				  such as health fees, athletic fees, fraternity or sorority fees, or laboratory
				  fees unless these fees qualify as Mandatory Fees as defined in Rule 5.1 Q. No
				  graduate program, continuing education program, professional degree program, or
				  adult education program is available under the MPACT Contract except as
				  described in Rule 11.1. The MPACT Contract covers only those costs and fees
				  specified herein.
The benefits of an MPACT Contract may not be used unless all
				  Contract payments, Actuarial Assessments, and any outstanding Administrative
				  Fees have been paid, and the social security number of the Qualified
				  Beneficiary has been provided to the State Treasurer.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).