§ 37-155-23. No promise or guarantee of admission
This article is not a promise or guarantee that the beneficiary will be: Admitted to any institution of higher education; Admitted to a particular institution of higher education after admission; Allowed to continue enrollment at an institution of higher education; or Graduated from an institution of higher education.
§ 37-155-25. Full faith and credit
The state shall agree to meet the obligations of the board to beneficiaries if monies in the fund fail to offset the obligations of the board. If there is not enough money in the fund to pay the tuition and required fees of the institution of higher education in which a beneficiary enrolls as provided […]
§ 37-155-27. Severability
The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, such declaration shall not affect the part which remains.
§ 37-155-5. Definitions
As used in this article, the following terms have the meanings ascribed to them in this section, unless the context clearly indicates otherwise: Prepaid Tuition Contract.- A contract entered into between the Board of Directors of the College Savings Plans of Mississippi Trust Funds and a purchaser pursuant to this article. Trust fund.- There is […]
§ 37-155-7. Board of directors
The board of directors shall consist of thirteen (13) members as follows: Nine (9) voting members as follows: the State Treasurer; the Commissioner of Higher Education, or his designee; the Executive Director of the Community and Junior College Board, or his designee; the Department of Finance and Administration Executive Director, or his designee; and one […]
§ 37-155-9. Powers of the board of directors
In addition to the powers granted by any other provision of this article, the board of directors shall have the powers necessary or convenient to carry out the purposes and provisions of this article, the purposes and objectives of the trust fund and the powers delegated by any other law of the state or any […]
§ 37-155-11. Types of plans
The board shall make prepaid tuition contracts available for the: (1) junior college plan; (2) senior college plan; and (3) junior-senior college plan. Junior College Plan. – Through the junior college plan, a prepaid tuition contract shall provide tuition and required fees for the beneficiary to attend a public community or junior college for a […]
§ 37-155-13. Dormitory residence plan
Through the dormitory residence plan, the advance payment contract shall provide prepaid housing fees for a maximum of eight (8) semesters of full-time undergraduate enrollment in an institution of higher education. Dormitory residence plans are optional and may be purchased only in conjunction with a prepaid tuition plan. Dormitory residence plans shall be purchased in […]
§ 37-155-15. Mississippi Prepaid Affordable College Tuition Program Trust Fund
There is hereby created a Mississippi Prepaid Affordable College Tuition Program Trust Fund (hereinafter referred to as the trust fund or the fund) to be administered by the State of Mississippi Treasury Department until and unless the Legislature shall determine otherwise. The official location of the trust fund shall be the State of Mississippi Treasury […]
§ 37-155-17. Prepaid tuition contracts; tax exclusions and deductions
Any interest, dividends or gains accruing on the payments made pursuant to a prepaid tuition contract under the terms of this article shall be excluded from the gross income of any such payor or beneficiary for purposes of the Mississippi Income Tax Law. The payor may deduct from taxable income the amount of any payments […]