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Mississippi Prepaid Affordable College Tuition (MPACT) Program

Mississippi

Mississippi Prepaid Affordable College Tuition (MPACT) Program
offers a variety of tuition packages to Mississippi families. It was closed to new enrollment in 2012, pending results of an acutarial audit. The plan will open to new enrollees in the Fall of 2014.

5-Cap Rating

Resident:
Non-Resident:

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)

Financial benefits Safety Features Reliability
5.0 5.0 4.0 4.0

General

Program type:

Prepaid contract

How to enroll:

Enroll directly with the program.

Initial year of operation:

1997

State agency(ies):

Mississippi Treasury Department

Enrollment period:

September 1 through December 31. The 2013 enrollment has been deferred, pending results of an actuarial audit.

Eligibility

State residency requirements:

The account owner or beneficiary must be a Mississippi resident at the time of program enrollment.

Who can be a participant/owner in the program?

Individuals of legal age, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

The beneficiary must be 18 years old or younger at the time of program enrollment. Contract benefits must be used within ten years of the beneficiary's projected college entrance date.

Contractual Features

Contract prices:

In the 2011 enrollment period, prices ranged from as little as $1,925 for a one-year junior/community college contract for a newborn to as much as $29,688 for a five-year university contract for a twelfth grader.

Available tuition packages:

University plan for one to five years, junior/community college plan for one or two years, and a combination plan.

Benefits for beneficiary attending private or out-of-state institution:

Weighted average tuition and mandatory fees at Mississippi public institutions, not to exceed actual tuition and mandatory fees.

Contract payment options:

Lump sum, annual or monthly installments over a variety of terms, or a combination of lump sum and installment payments. The first payment for contracts purchased in the 2011 enrollment was due February 1, 2012.

Are program benefits backed by the full faith and credit of the state?

Yes

Are program benefits collateralized or guaranteed in any other way?

No

Fees & Expenses

Enrollment or application fee:

$60

Taxes and other Benefits

Program match on contributions:

Premium subscription required for this data.

State tax deduction or credit for contributions:

Contributions to the Mississippi Prepaid Affordable College Tuition Program are fully deductible in computing Mississippi taxable income.

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Mississippi taxable income to the extent of prior Mississippi tax deductions. A rollover to another 529 plan is not subject to recapture.

State tax treatment of qualified distributions:

Qualified distributions from Mississippi and non-Mississippi 529 plans are exempt.

State tax treatment of rollovers:

Mississippi follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

Yes, a beneficiary is considered a resident for purposes of tuition regardless of the beneficiary's residence at college enrollment. Beginning with contracts opened after July 1, 2003, this requires that (1) the original purchaser was the parent, grandparent, or legal guardian of the beneficiary, or (2) the beneficiary was a resident of Mississippi at the time the MPACT contract was purchased.

Does the program have a formal agreement with a rewards program or outside scholarship program?

No

Statutory protection of an account from creditors:

Premium subscription required for this data.

Distributions & Terminations

To whom are distributions made payable:

Educational institution.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer contract ownership ($20 fee).

Contact

Web site:

Click here to visit

Telephone:

1-800-987-4450

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