Refund in the Event of Receipt of a Full or Partial Scholarship by A Qualified

Refund in the Event of Receipt of a Full or Partial Scholarship by A Qualified Beneficiary. If a Qualified Beneficiary is awarded a Full or Partial Scholarship, the terms of which fully or partially cover the benefits guaranteed in the MPACT Contract, the Contract Purchaser may elect to cancel the MPACT Contract and request a refund under Rule 13.5 herein. The refund will be equal to the Redemption Value of the Contract. If the Purchaser does not cancel the MPACT Contract, MPACT will pay the college or university based on the invoice submitted by the Postsecondary Institution and subject to the provisions of MPACT stated in these Rules, Regulations, and Procedures. If a Qualified Beneficiary is awarded a Full or Partial Scholarship, the terms of which fully or partially cover the benefits guaranteed in the MPACT Contract and the Trust Fund pays, based on the invoice from the Institution, the full amount of the MPACT Contract to the college or university attended by the Beneficiary, it shall be the responsibility of the Purchaser to request a refund of the overpayment of Tuition and Fees from the college or university. If the college or university invoices the Trust Fund for a reduced amount of Tuition and Mandatory Fees, i.e., an amount less than that Contracted for by the Purchaser in the MPACT Contract, then the Purchaser shall request a refund from the Trust Fund of the difference between the invoiced amount and the amount for which the Purchaser contracted, and the refund will be made by the Trust Fund directly to the Purchaser, based on the appropriate documentation.