37-155-103 - Declaration of purpose.
§ 37-155-103. Declaration of purpose.
The following are the purposes of this article:
(a) 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.
(b) To provide for the creation of a trust fund, as an instrumentality of the State of Mississippi, to assist qualified students in financing costs of attending institutions of higher education.
(c) To encourage timely financial planning for higher education by the creation of savings trust accounts.
(d) To provide a choice of programs to persons who determine that the overall educational needs of their families are best suited to a prepaid tuition contract under the Mississippi Prepaid Affordable College Tuition (MPACT) Program, a savings trust agreement under this article, or both.
(e) To provide a savings program for those persons who wish to save to meet post secondary educational needs beyond the traditional baccalaureate curriculum.
Sources: Laws, 2000, ch. 473, § 2, eff from and after July 1, 2000.