How will having an MPACT contract affect the beneficiary’s ability for financial aid?
Tuition prepayment plans are treated as investments on the Free Application for Federal Student Aid (FAFSA) and as such should be reported as parental investments on FAFSA. The FAFSA requires the “refund value” be used when reporting prepaid tuition plans. This is the amount that the account owner would recieve if the account were closed and a refund were issued. Parents should report the refund values of all prepaid tuition plans they own for all dependent children. To help you complete the FAFSA, your FAFSA reporting value is available through our online access at http://www.prima-wave.comredirectms.asp. Click on “Benefits Information,” and select the option to view information on completing the FAFSA. You may also request the FAFSA reporting value on your account(s) by calling customer service at 1-800-987-4450 option 2.
