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Mississippi State Treasurer Lynn Fitch Mississippi State Treasurer Lynn Fitch

 MPACT FAQS

What changes have been made to MPACT?

As a result of the actuarial audit performed on the MPACT program in 2013, several changes were made to both Legacy and Horizon Contracts.
 
  • Legacy Contracts – Contracts purchased prior to 2014
  • Horizon Contracts – Contracts purchased since 2014
 

When can I enroll in MPACT?

The MPACT Enrollment period is open from September 1st to May 31st,  however enrollment for newborns is open throughout the year. 

Please contact the College Savings Mississippi Office for more information on program pricing and enrollment options.
 

What is the current weighted average tuition rate?

For the 2018-19 academic year, the weighted average tuition rates are:

Rate for Semester Institutions (includes mandatory fees):
  • * University: $267.19 per credit hour 
  • * Community / Junior College: $102.97 per credit hour
Rate for Quarter Institutions (includes mandatory fees):
  • * University: $178.13 per credit hour
  • * Community / Junior College: $68.64 per credit hour 

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Is MPACT guaranteed?

MPACT is the only prepaid tuition plan available that is guaranteed by the State of Mississippi. MPACT does not guarantee admission to college. Students must still meet the requirements for college admission.
 

Is MPACT flexible?

You can use MPACT for community college, university/senior college, or a combination, from one year up to five years.
 
MPACT benefits may be eligible for transfer to other children in the immediate family who do not have a MPACT contract, including first cousins as long as they meet the program’s guidelines.
 
There’s no hurry to decide which college is best for your child. You do not have to notify MPACT if the student will be attending one of the Mississippi public colleges or universities. If the student will be attending an out of state and/or private school, notify MPACT sixty days before the student enrolls or registers for college. You can even transfer from one college to another.
 

What are the tax benefits?

The payor may deduct from Mississippi taxable income the amount of any payments made under a MPACT prepaid tuition contract in the tax year. Earnings from MPACT are exempt from federal and state income tax when paid to a school by MPACT. Consult your professional tax practitioner for detailed information.
 

How do I begin using my MPACT benefits?

MPACT beneficiaries become eligible upon reaching their projected enrollment year. Before contract benefits can be utilized, all outstanding balances and fees must be paid in full and a valid Social Security number must be on file for the beneficiary. It is the beneficiary’s responsibility to notify the school’s billing office of their intent to use MPACT funds. The MPACT Matriculation Card (MPACT ID Card) is provided for this purpose. If the school has any questions about eligibility to use MPACT benefits or the procedures to verify eligibility, please refer the school representative to MPACT at 1-800-987-4450.
 

How will MPACT pay tuition benefits?

The beneficiary listed on the MPACT contract will receive information on using MPACT benefits at the beneficiary's address on file in the spring of his/her projected college enrollment year. When a student has been accepted at a college or university and properly identified as an MPACT student, the school will bill MPACT directly for the payment of tuition and mandatory fees.
 
MPACT will make payment directly to the school. The MPACT contract does not cover the cost of books, lab fees, transportation, orientation fees, room and board, or other fees that are not considered mandatory. Costs not covered by the MPACT contract will be the student’s responsibility.
 
  • For Legacy Contracts (contracts purchased prior to 2014) MPACT will pay 100% of the public in-state undergraduate tuition rates and mandatory fees. For out-of-state or private institutions, MPACT will pay a rate equivalent to the weighted-average tuition and mandatory fees at Mississippi public colleges and universities at that time.
  • For Horizon Contracts (contracts purchased since 2014) MPACT will pay 100% of the public in-state standard undergraduate tuition rates and mandatory fees. MPACT will not cover full tuition for specialty courses of study if the specialty course’s tuition rate exceeds the standard undergraduate tuition rate at the Institution the Beneficiary is attending. See Chapter 9 of the MPACT Horizon Rules for more information. For out-of-state or private institutions, MPACT will pay a rate equivalent to the weighted-average tuition and mandatory fees at Mississippi public colleges and universities.

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When will the school receive payment for my MPACT benefits?

Schools typically invoice MPACT for tuition and mandatory fees after the school's 100% add/drop date, and MPACT will issue payment approximately 4-6 weeks from receipt of the school’s invoice.
 

How long do I have to use my MPACT benefits?

Legacy Contracts (contracts purchased prior to 2014) are allowed up to ten (10) years from their projected college enrollment date to use MPACT benefits. Horizon Contracts (contracts purchased since 2014) are allowed up to eight (8) years from their projected college enrollment date to use MPACT benefits. Benefits must be fully exercised within this benefit period. Please see the MPACT Rules for more details.
 

Does my child need to notify MPACT of his/her school choice when they plan to attend college?

For attendance at in-state public college or university, the student will need to notify the school’s billing office of their intent to use MPACT benefits. The MPACT Matriculation Card (MPACT ID Card) is provided for this purpose. You do not need to notify MPACT if the student decides to postpone his college enrollment.
 
MPACT only requires notification of a beneficiary’s intent to enroll if the beneficiary is attending an out-of-state or private institution. This notification must be received 60 days prior to the child’s enrollment at their institution. You can indicate your school of choice by one of the following methods:
 

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What if my child wants to go to an out-of-state or private institution?

If the MPACT beneficiary enrolls in any private or out-of-state institution accredited by one of the regional accreditation agencies, MPACT will pay an amount up to, but not in excess of, the average tuition and mandatory fees set at public universities or public community colleges in the State of Mississippi. In addition, a $25 administrative fee is charged the first academic term of attendance at each private or out-of-state school, per transfer. These rates are adjusted prior to the start of each school year. The most current rates are always available here on this website.
 
For the 2018-19 academic year, the weighted average tuition rates are:

Rate for Semester Institutions (includes mandatory fees):
  • * University: $267.19 per credit hour
  • * Community / Junior College: $102.97 per credit hour
Rate for Quarter Institutions (includes mandatory fees):
  • *  University: $178.13 per credit hour
  • * Community / Junior College: $68.64 per credit hour ​
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Are MPACT beneficiaries exempt from paying out-of-state tuition rates at Mississippi’s public colleges and universities?

A beneficiary is considered a resident of Mississippi for purposes of tuition regardless of the beneficiary’s residence at college enrollment. However, effective with MPACT contracts opened after July 1, 2003, this provision only applies to nonresident beneficiaries if (a) the original purchaser was the parent, grandparent or legal guardian of the beneficiary, or (b) the beneficiary was a resident of Mississippi at the time the MPACT contract was purchased.
 

What happens if I purchased a university contract but my child goes to a community college or vice versa?

MPACT will pay the full community college tuition and the purchaser of the account will be entitled to a refund of the difference between the weighted-average university tuition in that year and what MPACT actually pays the community college or MPACT benefits can be held for future use. In cases where the student has a community college contract but attends a four-year university, MPACT will convert the community college hours into university hours based on the then current relative costs and pay the tuition. This results in fewer hours on your contract, but enables MPACT to pay your university tuition until benefits are exhausted.
 

What if my child decides not to attend college or earns a scholarship?

If your beneficiary receives a full scholarship, which covers tuition and mandatory fees, MPACT benefits can be held for future use or refunded to the current purchaser. The amount of the refund is based on (1) the current cost of in-state tuition and fees at the Mississippi public institution your beneficiary is attending or (2) the weighted-average tuition and fees at Mississippi public institutions if this child is enrolled at a private or out-of-state institution. Refunds are made to the purchaser of the prepaid tuition plan.
 
In order to process any scholarship refunds, a notarized Scholarship Refund Form must be completed by the purchaser and proof of enrollment and proof of scholarship must be included. Requests must be provided to MPACT on a semester-by-semester basis. Scholarship refund requests will be processed after the 100% add/drop date for the institution your beneficiary is attending.
 
If you receive a partial scholarship for tuition and fees, MPACT benefits can be used to cover the tuition and fees not paid by the scholarship and the unused MPACT benefits can be held for future use.
 
If you decide you will not need your MPACT tuition benefits, they can be held for graduate school. However, MPACT will only pay the undergraduate rate. Otherwise, if the student receives a baccalaureate degree and has benefits remaining on the plan, the purchaser may submit a completed and notarized refund of unused hours form.

*A refund of unused hours ONLY applies to MPACT Legacy Accounts. MPACT Horizon Accounts do not qualify.

How will having an MPACT contract affect the beneficiary’s ability for financial aid?

Tuition prepayment plans are treated as investments on the Free Application for Federal Student Aid (FAFSA) and as such should be reported as parental investments on FAFSA. The FAFSA requires the “refund value” be used when reporting prepaid tuition plans. This is the amount that the account owner would receive if the account were closed and a refund was issued. Parents should report the refund values of all prepaid tuition plans they own for all dependent children. To help you complete the FAFSA, your FAFSA reporting value is available through the MPACT Online Access, under Benefits Information. You may also request the FAFSA reporting value on your account(s) by calling customer service at 1-800-987-4450.
 

Mississippi’s Public Universities and Community Colleges:

The MPACT program applies to these Mississippi public community colleges and universities. The benefits may also be transferred to private in-state schools as well as private or public out-of-state schools.
 
Public Four-Year Universities:
Public Two-Year Community Colleges:

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