38 Miss. Code. R. 2-1.1
The Mississippi Prepaid Affordable College Tuition (MPACT) Program was established as an agency and instrumentality of the State of Mississippi by the 1996 Mississippi Legislature as a Program to assist Mississippians in saving for some of the costs associated with a college education. The purpose of the Program is to encourage and foster higher education in Mississippi and for Mississippians. The Program's statutory authority and purpose are controlled by Mississippi Code § 37-155-1 to 37-155-27 (Rev 2003).
The prepaid tuition Program, commonly known as MPACT, is administered by the College Savings Plans division of the Mississippi Treasury Department, under the administrative authority of the State Treasurer and with the guidance of a Board of Directors. Through the MPACT Program, parents, grandparents and other interested parties may purchase prepaid tuition Contracts. The MPACT Contract provides for the payment by the MPACT Trust Fund of undergraduate tuition, for a specified number of years or semesters, and for the payment of Mandatory Fees, for a specific number of academic terms, on behalf of a Beneficiary for whom the Contract is purchased.
The cost of an MPACT Contract is based primarily on the average current and projected tuition and Mandatory Fees rates at public senior colleges, universities, junior colleges and community colleges in the State of Mississippi, and on the number of years expected to elapse between the purchase of a Contract and the exercise of the benefits provided in the Contract by the Beneficiary. The Board of Directors established the costs of MPACT Contracts in accordance with actuarial assumptions adopted by the Board at the recommendation of independent actuaries.
Payments by MPACT Contract Purchasers are placed in the MPACT Trust Fund in the State Treasury and are combined and invested by the State Treasurer with the goal of yielding, at a minimum, sufficient income to generate the difference between the prepaid amount and the cost of In-State Tuition and Mandatory Fees at the time of actual enrollment of the Beneficiary. The MPACT Contract Purchaser receives periodic statements reflecting amounts paid into the Trust Fund.
The State of Mississippi also operates another college savings Program, known as the Mississippi Affordable College Savings (MACS) Program. This document is intended to describe and apply to only the MPACT Program. Information on MACS can be obtained by contacting the Office of the State Treasurer.
38 Miss. Code. R. 2-1.1