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Account Application
The account application is the application to be completed and submitted to the Mississippi Affordable College Savings (MACS) Program along with payment, to participate in the Plan. It incorporates by reference the Plan Participation Agreement.

Account Owner
The account owner is the owner of an account in the Plan.

Accredited School
An accredited school is a school that is eligible to participate in certain federal student aid programs. This might be a college or graduate school, or a vocational or trade school. Most major colleges and universities are accredited. Contact your school to determine if it is accredited.

The beneficiary is the person named by the account owner in the account application.

Contingent Owner
The contingent owner is the person designated by the account owner on the account application to succeed to ownership of the account upon the account owner's death.

Coverdell Education Savings Account (CESA or ESA)
A Coverdell ESA is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the designated beneficiary of the account.

CSPM is the College Savings Plans of Mississippi, which encompasses the Mississippi Affordable College Savings (MACS) Program and the Mississippi Prepaid Affordable College Tuition Program (MPACT).

Custodial Account
An account that is created for the benefit of a minor, with an adult (agent, bank, trust company, or other organization) as the custodian in accordance with applicable state law. With custodial accounts, control of the account transfers to the beneficiary at the age of majority (18 or 21 depending on state).

Custodial Account Application
This is an Account application used by a custodian. Download the Custodial Account application (PDF).

An agent, bank, trust company, or other organization which holds and safeguards an individual's account assets for him.

Education IRA
See Coverdell Education Savings Account (CESA or ESA).

EGTRRA is the Economic Growth and Tax Relief Reconciliation Act of 2001, as amended, and the Treasury regulations, pronouncements and publications thereunder.

Eligible Educational Institution
Generally are accredited, post secondary educational institutions offering credit towards a bachelor's degree, an associate's degree, a graduate level or professional degree, or another recognized post-secondary credential.

Entity Account Application
This is the account application used by trusts or estates, business entities, Internal Revenue Code Section 501(c)(3) organizations, or state/local governments. Download the Entity Account application. (PDF)

Glossary terms continue:

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