Mississippi tuition program

How do I get started? Please discuss the transfer with your financial advisor to determine if there will be any tax consequences. If you would like to move forward with the transfer, use the Rollover Form and complete and Account Application. Another plan to the MACS program. You are permitted to transfer funds from another college savings plan to the MACS program twice within a month period without incurring federal income tax. You may be subject to differences in features, costs, and surrender charges.

Again, please consult with your tax advisor before making the transfer, as state and local taxes may also apply. If you would like to move forward, use the Rollover Form. This may result in a tax liability, so please discuss with your financial advisor.

For check withdrawals to the Account Owner or Beneficiary , funds will be issued to the mailing address on record. For withdrawals by ACH i. For the most detailed information, please refer to the Disclosure Booklet , but here are a few of the basics: Withdrawals, including funds from a recent contribution, will be processed on the applicable trade date, but funds may not be sent for 10 calendar days to allow sufficient time for the contribution to clear.

Changes to the mailing address or directing a withdrawal to a new bank or other financial account requires 15 calendar days before any withdrawals are sent. If the account has been transferred to a new Account Owner , the new Account Owner must be in effect for at least 15 calendar days before a withdrawal can be requested.

Your Treasury. Treasurer David McRae. Upcoming Events. For most Mississippi families, that answer is no, so we've put together a helpful calculator to help you set the right goals for your family's budget. Your child has 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 years until college and would like to attend Select one.. There may be additional costs associated with attending college that have not been factored into the calculations, such as miscellaneous administrative charges, discretionary meal expenses, supplies, etc.

The results presented are hypothetical illustrations and may not reflect the actual growth, if any, of your investment in a particular plan. Any hypothetical rate of return used does not reflect actual performance or predict future results of the program.

Rates of return will vary over time. Investments which seek to achieve higher rates of return are more volatile and involve a higher degree of risk. The calculator takes into account tax variables based upon what you select. There may be limitations or restrictions on eligibility for tax benefits depending on the tax code in your state of residency. These calculations do not constitute investment advice. The MPACT program applies to these public community colleges and universities, but the benefits may also be transferred to private in-state schools as well as private or public out-of-state schools.

What is the current weighted average tuition rate? What are the tax benefits? Do you have a Legacy Contract purchased prior to ? For out-of-state or private institutions, MPACT will pay a rate equivalent to the weighted average tuition and mandatory fees at Mississippi public colleges and universities at that time.

Do you have a Horizon Contract purchased since ? For out-of-state or private institutions, MPACT will pay a rate equivalent to the weighted-average tuition and mandatory fees at Mississippi public colleges and universities.

What happens if I purchased a university contract but my child goes to a community college or vice versa? What if my child decides not to attend college or earns a scholarship? If your beneficiary receives a full scholarship , which covers tuition and mandatory fees, MPACT benefits can be held for future use or refunded to the purchaser. The amount of the refund is based on 1 the current cost of in-state tuition and fees at the Mississippi public institution your beneficiary is attending or 2 the weighted-average tuition and fees at Mississippi public institutions if this child is enrolled at a private or out-of-state institution.

To process the refund, a notarized Scholarship Refund Form must be completed by the purchaser and returned along with the proof of enrollment and proof of scholarship. If your beneficiary receives a partial scholarship , MPACT benefits can be used to cover the tuition and fees not paid by the scholarship. If the student receives a baccalaureate degree and has benefits remaining, the purchaser may submit a completed and notarized refund of unused hours form.

Contracts purchased prior to October 1, are referred to as "Legacy Contracts"; contracts purchased on or after October 1, are referred to as "Horizon Contracts". This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it. This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.

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Subscriptions Subscribe Support. Knowing this helps us better customize your experience. Sorry, child information is required. I am saving for Select one 1 child 2 children 3 children more than 3 children. I want to learn more about college savings. I'm ready to open a plan. Password Show. Forgot your password? LOG IN.