General

General. Unless otherwise stated herein, refunds will be paid to the Purchaser. Refund amounts will be based on the reason for Terminating or Canceling an MPACT Contract. Except as provided herein, refunds shall include but not be limited to the amount paid in and an additional amount in the nature of interest at a rate that corresponds to the prevailing interest rates for savings accounts provided by banks and savings and loan associations. The Board may impose reasonable charges for such withdrawal or refund. Termination of student status after the official drop/add period eliminates the refund option for that academic term. If a Qualified Beneficiary does not receive course credit for credit hours paid under an MPACT Contract, a refund will not be available for these credit hours. Furthermore, once the Trust Fund has paid a Postsecondary Institution for credit hour(s) on behalf of a Qualified Beneficiary, the hour(s) paid to the Postsecondary Institution reduce the total number of credit hours available for calculation of any refund amount that may be due to the Purchaser. If the Qualified Beneficiary achieves a baccalaureate degree in fewer than the maximum number of credit hours guaranteed under an MPACT Contract and/or in fewer than the number of academic terms for which payment of Mandatory Fees is guaranteed under the Contract, a refund will not be available. As soon as a Qualified Beneficiary attains a baccalaureate degree, and/or utilizes the total number of credit hours guaranteed under the Contract, all services under the MPACT Contract will be Terminated. Any refund made to the Purchaser will occur only after the Purchaser has paid any outstanding Administrative Fees. Unless otherwise specified herein, refunds may be paid in installments as determined by the State Treasurer. The amount of the refund installments will be calculated by the State Treasurer at the time the written request for a refund is approved. Unless otherwise stated herein, the refund installments will be paid to the Purchaser. The State Treasurer is not responsible for any refunds that may be payable by the Postsecondary Institutions. A Purchaser who voluntarily cancels their Contract will be allowed to reinstate up to the point where a refund check is issued. If the Purchaser changes their mind regarding Cancellation after issuance of a refund check, they must purchase a new Contract during the next Enrollment Period at that Enrollment Period’s prices.