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Mississippi Prepaid Affordable College Tuition (MPACT) Program
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 and reopened to new enrollees on October 1, 2014. Contracts purchased prior to October 1, 2014 are referred to as "Legacy Contracts"; contracts purchased on or after October 1, 2014 are referred to as "Horizon Contracts".
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)
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Enroll directly with the program.
Mississippi Treasury Department
September 1, 2015 through May 31, 2016
The account owner or beneficiary must be a Mississippi resident at the time of program enrollment.
Individuals of legal age, UGMA/UTMA custodians, and legal entities.
The beneficiary must be 18 years old or younger at the time of program enrollment. Contract benefits must be used within eight years of the beneficiary's projected college entrance date.
In the 2015-2016 enrollment period, prices ranged from as little as $3,544 for a one-year junior/community college contract for a newborn to as much as $43,222 for a four-year university contract for a twelfth grader.
University plan for one to four years, junior/community college plan for one or two years, and a combination plan.
Weighted average tuition and mandatory fees at Mississippi public institutions, not to exceed actual tuition and mandatory fees.
Lump sum, annual or monthly installments over a variety of terms, or a combination of lump sum and installment payments. The first payment is due on the first day of the third month following application submittal.
Fees & Expenses
Taxes and other Benefits
Contributions to the Mississippi Prepaid Affordable College Tuition Program are deductible in computing Mississippi taxable income up to $10,000 for single filers and $20,000 for joint filers. MPACT earnings are exempt from state income tax.
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.
Qualified distributions from Mississippi and non-Mississippi 529 plans are exempt.
Mississippi follows federal tax-free treatment.
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.
Distributions & Terminations
Accepts requests to transfer contract ownership ($25 fee).