Financial Aid
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Financial Aid
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If
you have already purchased a 529 prepaid tuition plan or college savings
plan, and you are interested in using this while at the University of
Mississippi, there are a few things that you need to know about the
process. The IRS has established these plans with cooperation of the Federal Department of Education so that beneficiaries can utilize these plans for payment of tuition. If you have purchased a college savings plan, this will be handled directly with your state office and you do not need to inform the Office of Financial Aid in order to use this. Your funds should be made available directly from the state and the value of your plan should be recorded as an asset when filing the FAFSA. If you have purchased a prepaid tuition plan and would like to use this at the University of Mississippi, we are glad to help you with this and want you to be aware of the steps you must take in order for us to receive the money from your purchasing state. 1. If this will be your first time to use the plan at the University of Mississippi, you must bring a copy of your beneficiary card provided from your state to the Office of the Bursar or the Office of Financial Aid. We must have a copy of this on file so that we can process the billing to your state. 2. If you have already used the plan at the University of Mississippi, you will want to check your online award letter to make sure that your plan is showing as a resource for the enrolled terms. If you will be using this for summer, remember that there is a separate summer application you must file being sure to indicate that you want to use a prepaid tuition plan. 3. We will bill your state for the allowable amount (per your contract and the state regulations) after the 10th day of class. All states that require billing currently also require this 10-day waiting period. Once the money is received from the state, it will be added to your bursar account. If you are the beneficiary of a Mississippi prepaid plan, the University of Mississippi will pay this money up front for you. However, when the check is received from the state, there may be some adjustment to your account. 4. If you are a non-Mississippi resident who is the beneficiary of a Mississippi prepaid plan, you may be eligible for a full non-resident tuition voucher if your purchase meets one of these criteria:
____________________________________________________________ If you are interested in purchasing a prepaid plan or a college savings plan, please use the following links in order to find out more information. State of Mississippi MPACT Plan All other States: Link to the National Association of Financial Aid Administrators for a comprehensive listing of the state prepaid and/or savings plans. NASFAA Site: 529 Plans by State
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