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Mississippi Prepaid Affordable College Tuition (MPACT) Program
Mississippi
This prepaid tuition program offers a variety of tuition packages to Mississippi families.
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General
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.
Program type:
Prepaid contract
How to enroll:
Enroll directly with the program.
Initial year of operation:
1997
Enrollment period:
September 1 through December 31
State agency(ies):
Mississippi Treasury Department
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 2009 enrollment, prices range from as little as $1,622 for a one-year junior/community college contract for a newborn to as much as $25,953 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 2009 enrollment is due February 1, 2010.
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:
Mississippi law exempts qualified distributions from a Mississippi 529 plan (via specific exclusion) and from non-Mississippi 529 plans (via conformity to the federal tax exclusion).
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 if the original purchaser was the parent, grandparent, or legal guardian of the beneficiary or 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
Telephone:
1-800-987-4450
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