Introduction

Introduction. The Mississippi Prepaid Affordable College Tuition (MPACT) Program was established by the 1996 Mississippi Legislature. The purpose of the Program is to encourage and foster higher education in Mississippi. The Program’s statutory authority and purpose are controlled by Sections 37-155-1 to 37-155-27 of the Mississippi Code (As Amended). MPACT is administered by College Savings Mississippi, a division of the Office of the State Treasurer, under the administrative authority of the State Treasurer and with the guidance of a Board of Directors. The MPACT Contract provides for the payment of undergraduate tuition, for a specified number of semester hours, and for the payment of Mandatory Fees, for a specific number of academic terms, on behalf of a Beneficiary for whom the Contract is purchased. The cost of an MPACT Contract is based primarily on the average current and projected Tuition and Mandatory Fees rates at public senior colleges, universities, community colleges in the State of Mississippi, and on the number of years between the purchase of a Contract and the utilization of Contract benefits. The Board of Directors establishes the costs of MPACT Contracts in accordance with actuarial assumptions adopted by the Board at the recommendation of independent actuaries. The State of Mississippi also operates another college savings program, known as the Mississippi Affordable College Savings (MACS) Program. This document is intended to describe and apply to only the MPACT Program. Information on MACS can be obtained by contacting the Office of the State Treasurer.