The Financial Aid Office has recently been provided new procedural guidelines as a result of the U.S. Higher Education Reconciliation Act of 2005 (HERA).  One significant change is in regard to the treatment of prepaid tuition plans. 

 

Prior to HERA, student prepaid tuition plans were reported on the student financial aid award package.  The funds disbursed through our system and were applied directly to the student bursar account. The asset value of the plans was not reported on the student’s Free Application for Federal Student Aid (FAFSA).

 

As a result of HERA, we will no longer include prepaid tuition plans on the student financial aid package. However, the current liquidation value of the plan is now considered an asset (like savings accounts, or Coverdell education savings accounts) and is reportable on the student’s FAFSA. We have been instructed by the U.S. Department of Education to assist you in reviewing this information and determining if changes need to be made to your FAFSA.

What you need to do:

• Please download the Prepaid Tuition Plan Documentation Application and mail or fax it to:

                    The University of Mississippi
                    Office of Financial Aid
                    257 Martindale Center
                    P.O. Box 1848
                    University, MS 38677-1848

                    Fax: 662-915-1164

• Notify your Prepaid Tuition plan administrator that you will be attending the University of Mississippi.

• Confirm with the Bursar whenever you wish to use prepaid tuition funds to pay charges for a term.

What we will do:

• The Office of Financial Aid will make any necessary corrections to your FAFSA once documentation has been received and we will determine if your eligibility has changed.

The Bursar’s Office will invoice your prepaid tuition plan after the drop/add period of each semester (usually the 11th day of class).

 

If you have any questions, please do not hesitate to contact us at 800-891-4596 or Finaid@olemiss.edu.