Section 457-611-6 - LIMITATIONS ON CONTRIBUTIONSA. No participant or beneficiary may directly or indirectly direct the investment of any contributions or of any other amounts held by the program. A member of the advisory committee will not be deemed to be directly or indirectly directing the investment of any account on which the member is the participant. At the time a participant opens an account, a participant may choose among any account investment options offered by the Authority and may alter such choices in accordance with federal requirements, as permitted by the Authority.B. A participant may contribute to an account by making cash contributions, which may be in the form of electronic funds transfer or employer payroll deduction.C. Contributions may be made at any time subject to any minimum and maximum contribution requirements.D. Total contributions to an account may not exceed the amount projected to be necessary to pay qualified higher education expenses of the beneficiary to attend:(i) five years of undergraduate enrollment based on the average tuition and fees and room and board for four year private nonprofit colleges and universities in New England, as published by the College Board, or, if the College Board does not publish such data, by any other similar organization selected by the chief executive officer, provided, that in no event shall such amount exceed five times the actual amount then necessary to pay qualified higher education expenses of the beneficiary if enrolled as an undergraduate student in the most expensive program at a high cost private university in New England selected by the chief executive officer; and (ii) two times the actual amount then necessary to pay qualified higher education expenses of the beneficiary if enrolled as a graduate student in the most expensive program at a high cost private university in New England selected by the chief executive officer. The Authority may announce a lower maximum contribution amount. A contribution to an account will be prohibited if the contribution would cause the total of all account balances maintained on behalf of a beneficiary to exceed the total amount necessary to pay qualified higher education expenses, limited as described in the first sentence of this subsection.94-457 C.M.R. ch. 611, § 6