S.C. Code Regs. § § 19-1200

Current through Register Vol. 48, No. 10, October 25, 2024

Section 19-1200 - Definitions

For the purpose of Article 12, the following definitions should be used:

1. Average Tuition - the per semester cost calculated by summing the tuition charged to each in-state resident student at a public, four-year college or university in South Carolina and dividing that sum total by the total number of in-state resident students attending a public, four-year college or university in South Carolina.

2. Board - the State Budget and Control Board.

3. College or University - a state-chartered public educational institution of higher learning located in South Carolina.

4. Contributor - a person who makes or is obligated to make advance payments in accordance with a tuition prepayment contract; or, in the event of multiple individual contributors, the primary party responsible for contract obligations.

5. Designated Beneficiary - the individual who is designated as the beneficiary of amounts paid or to be paid to the Tuition Prepayment Program or, in the case of a change in beneficiaries as permitted under Title 59, Chapter 4 of the South Carolina Code of Laws, 1976, the individual who is the new beneficiary.

6. Director - the head of the South Carolina Tuition Prepayment Program.

7. Disabled - the designated beneficiary is unable to benefit from higher education as a result of sickness, disease, mental incapacity or injury contracted or incurred after the date of the tuition prepayment contract.

8. Fund - the South Carolina Tuition Prepayment Program Fund.

9. Independent Institution of Higher Learning - any independent eleemosynary junior or senior college in South Carolina whose major campus and headquarters are located within South Carolina and which is accredited by the Southern Association of Colleges and Secondary Schools.

10. Member of the Family - any individual defined by such term as 26 U.S.C. sec. 529(e)(2) or any successor provision.

11. Payment(s) - payment(s) required to be made under the payment schedule that are received by the Fund and credited to the designated beneficiary's account.

12. Payment Schedule - the document furnished by the Program to the contributor upon enrollment of the designated beneficiary in the Program, and describing the due dates and amounts of payments required of the contributor under the selected payment plan.

13. Program - the South Carolina Tuition Prepayment Program.

14. Projected Enrollment Date - the semester specified in the tuition prepayment contract as the first semester in which a designated beneficiary may use the tuition benefits of a tuition prepayment contract. The projected enrollment date is based on the designated beneficiary's age and/or educational grade level at the time of application to the Program.

15. Tuition - the credit hour charges imposed for full time enrollment by a public higher education institution in this State and all mandatory fees required as a condition of full time enrollment of all students.

16. Tuition Prepayment Contract - the contract entered into by the Director of the South Carolina Tuition Prepayment Program or his designee on behalf of the Program and a contributor pursuant to this chapter for the advance payment by the contributor of in-state tuition at a fixed, guaranteed level for a designated beneficiary to attend for up to four years on a full-time basis a public educational institution of higher learning in South Carolina or to another educational institution of higher learning that may be provided for at Title 59, Chapter 4 of the South Carolina Code of Laws, 1976, and to which the designated beneficiary is admitted, enrolled, and classified as a degree-seeking undergraduate student.

S.C. Code Regs. § 19-1200

Added by State Register Volume 22, Issue No. 6, Part 1, eff June 26, 1998.