Contract Benefits

Contract Benefits. The MPACT Contract guarantees, unless otherwise stated herein, payment by the Trust Fund of Standard In-State Undergraduate Tuition and Mandatory Fees on behalf of the Qualified Beneficiary of the MPACT Contract, to the Postsecondary Institution in which the Qualified Beneficiary matriculates. The MPACT Contract guarantees the following: A. Payment of Standard In-State Undergraduate Tuition of not more than five (5) years (156 semester hours); B. Payment of Mandatory Fees for not more than ten (10) registrations on a semester system, fifteen (15) registrations on a quarter system, or the completion of 156 semester hours or the academic equivalent units on a quarter system of other academic term basis. Any credit hours paid by the Trust Fund on behalf of a Qualified Beneficiary reduce the remaining available credit hours under the MPACT Contract. Even if the credit hours paid by the Trust Fund on behalf of the Beneficiary are not counted by the Beneficiary’s Postsecondary Institution toward a college degree, the credit hours paid by the MPACT Trust Fund will, nevertheless, decrease the remaining number of credit hours available for utilization under the MPACT Contract. Should the Purchaser cancel the Contract and request a refund subsequent to the payment of any Tuition on the behalf of the Beneficiary, but before total usage of the Contract benefits as described above, partial usage will be calculated based on the number of credit hours used and the per credit hour charge originally paid by the Purchaser for purposes of establishing the refund amount due. The MPACT Contract does not cover full tuition for specialty courses of study if the specialty course’s tuition rate exceeds the Postsecondary Institution’s standard undergraduate tuition rate. If the specialty course’s tuition rate exceeds the Institution’s standard undergraduate tuition rate, MPACT will pay an amount equal to the Postsecondary Institution’s standard undergraduate tuition rate for the number of semester hours in which the qualified beneficiary is enrolled. The beneficiary’s Contract benefits will be reduced based on the number of hours paid on behalf of the Beneficiary. The MPACT Contract does not cover fees and costs related to dormitory housing or any other type of housing. The MPACT Contract does not cover meals, books, transportation, supplies, college application or entrance fees, or orientation fees. The Contract also does not cover miscellaneous fees such as health fees, athletic fees, fraternity or sorority fees, or laboratory fees unless these fees qualify as Mandatory Fees as defined in Rule 5.1Q. No graduate program, continuing education program, professional degree program, or adult education program is available under the MPACT Contract except as described in Rule 11.1. The MPACT Contract covers only those costs and fees specified herein. The benefits of an MPACT Contract may not be used unless all Contract payments, Actuarial Assessments, and any outstanding Administrative Fees have been paid, and the social security number of the Qualified Beneficiary has been provided to the State Treasurer.