Utilization of MPACT Contract Benefits at an Independent/Private Postsecondary

Utilization of MPACT Contract Benefits at an Independent/Private Postsecondary Institution or at an Out-of-State Postsecondary Institution. In the event the Qualified Beneficiary matriculates in an Independent/Private In-state Postsecondary Institution or in an Out-of-State Postsecondary Institution, the Current Tuition Value will be forwarded, each academic term, to the Postsecondary Institution on an academic equivalent hourly basis subject to the provisions of the MPACT Contract described in Rule 11.2. In no case will the amount forwarded ever exceed the cost of undergraduate tuition plus Mandatory Fees of the Postsecondary Institution to which the money is forwarded for the particular academic hours and term in question. Forwarding of MPACT Contract benefits under this Chapter will be made only when all of the following have occurred: A. The Purchaser has submitted a written request and all applicable Administrative Fees to the State Treasurer for transfer of the MPACT Contract benefits. The request should be submitted not less than sixty (60) days in advance of the first academic term for which the MPACT Contract benefits are to be paid; B. The Purchaser has paid the applicable Administrative Fee(s) in accordance with Rule 12.2; C. The State Treasurer has received a valid invoice from the Beneficiary’s college or university after the end of the Institution’s official drop/add period for each academic term for which MPACT Contract benefits are to be paid. Failure to comply with the sixty (60) day requirements in this Chapter may result in the delay or unavailability of the MPACT Contract benefits until the following academic term.