Refund in the Event Qualified Beneficiary Graduates With Unused Contract Hours

Refund in the Event Qualified Beneficiary Graduates With Unused Contract Hours. If a Qualified Beneficiary completes an undergraduate program and obtains a baccalaureate degree without using all semester hours purchased in their MPACT Contract, the remaining Contract hours may be used for graduate school as described under Rule 13.2. If the Beneficiary will not be attending graduate school, the Purchaser may request at refund to be based on the cost of the number of remaining hours in their Contract adjusted to reflect the increase in Current Tuition Value over the period from the purchase of the MPACT Contract to the date the refund calculation is made. Such requests must be in writing and include appropriate written documentation, acceptable to the State Treasurer, that the Beneficiary has received a baccalaureate degree. If the Beneficiary has not earned an undergraduate degree, the refund provisions of Rule 15.8 will apply.