§ 37-155-123. Monies in MACS or MPACT Programs not considered in determining eligibility for need-based financial aid
Notwithstanding any state law to the contrary, no monies on deposit in either the MACS or MPACT Programs shall be considered an asset of the parent, guardian or student for purposes of determining an individual’s eligibility for a need-based grant, need-based scholarship or need-based work opportunity offered or administered by any state agency except as […]
§ 37-155-125. 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 parts of this article which remain.
§ 37-155-117. Board to provide annual accounting statements
The board shall furnish, without charge, to each account owner an annual statement of the following: The amount contributed by the account owner under the savings trust agreement; The annual earnings and accumulated earnings on the savings trust account; and Any other terms and conditions that the board deems by rule is necessary or appropriate, […]
§ 37-155-119. No promise or guarantee of beneficiary’s 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.
§ 37-155-121. No guarantee that higher education expenses will be covered in full
Nothing in this article or in any savings trust agreement entered into pursuant to this article shall be construed as a promise or guarantee by the state or any agency or instrumentality of the state that either qualified higher education expenses in general or any specific qualified higher education expense shall be covered in full […]
§ 37-155-101. Short title
This article shall be known and may be cited as the “Mississippi Affordable College Savings Program.”
§ 37-155-103. Declaration of purpose
The following are the purposes of this article: To provide a program of savings trust agreements to apply distributions toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code, as amended, or other applicable federal law. To provide for the creation of a trust fund, as […]
§ 37-155-105. Definitions
As used in this article, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise: “MACS Program” means the Mississippi Affordable College Savings Program established under this article. “MACS Trust Fund” means a special fund in the State Treasury established under Section 37-155-111, and administered by the […]
§ 37-155-107. Powers of the board of directors
In addition to those powers granted to the board by Sections 37-155-1 through 37-155-27 and any other provisions of this article, the board 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 […]
§ 37-155-109. Savings trust agreements
The board shall make savings trust agreements available to the public, under which account owners or other payors may make contributions on behalf of qualified beneficiaries. Contributions and investment earnings on the contributions may be used for any qualified higher educational expenses of a designated beneficiary. The state does not guarantee that such contributions, together […]