Beneficiary’s Projected College Entrance Date

Beneficiary’s Projected College Entrance Date. At the time of application, if the Qualified Beneficiary’s Projected College Entrance Date will be later than the Projected College Entrance Date which is supplied by the State Treasurer and which corresponds to the Beneficiary’s current age and/or grade, the MPACT Contract Purchaser must submit a written request to the State Treasurer to change the Projected College Entrance Date to a later year. The written request must be accompanied by sufficient documentation, deemed acceptable by the State Treasurer, substantiating the Purchaser’s request for a change in the Beneficiary’s projected College Entrance Date. Acceptable documentation may include a certified letter from the Beneficiary’s principal or school teacher verifying that the Beneficiary has or will be held back a grade. The Contract Purchaser must also sign a certification form, provided by the State Treasurer, agreeing to pay any additional amounts which may be due on the MPACT Contract as a result of providing invalid information about the Qualified Beneficiary’s Projected College Entrance Date and/or contract payment amounts due. Both the required documentation and the completed and signed certification form must be submitted to the State Treasurer prior to the first payment due date of the MPACT Enrollment Period in which the Qualified Beneficiary is enrolled in the MPACT Program. If the Purchaser fails to provide all documentation within two (2) months of the first day of the MPACT Enrollment Period in question, the State Treasurer may not change the Qualified Beneficiary’s Projected College Entrance Date or the MPACT Contract amount due. Furthermore, when the Qualified Beneficiary begins to use the MPACT Contract benefits, if the Beneficiary enrolls in college in the Projected College Entrance Year which corresponds to the Beneficiary’s age or grade, and not in a later year furnished by the Purchaser when the MPACT Contract was purchased, the Contract Purchaser must pay any Actuarial Assessment required to compensate for the difference in the MPACT Contract Price corresponding to the Projected College Entrance Date furnished by the Purchaser during the MPACT Application process, and the actual date of college entrance when the Beneficiary matriculates. If the Beneficiary is held back or advances after the MPACT Contract is purchased and an account has been established, there will be no adjustment in the MPACT Contract Payment Schedule. However, upon a written request with sufficient documentation from the Purchaser, the projected College Entrance Date will be changed to reflect the revised Projected College Entrance Date. The Purchaser should provide written notice of intention to advance or to delay benefits under the MPACT Contract a minimum of sixty (60) days prior to the new matriculation date of the Qualified Beneficiary. Failure to give notice within sixty (60) days may result in assessment of a fee to the MPACT Contract Purchaser in accordance with Rule 12.2L.