S.C. Code Regs. § § 19-1242

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

Section 19-1242 - Payment Options

A. A contributor may choose to make payments under one (1) of three (3) different payment plans as follows:

1. A lump sum payment due in full on or before the date designated by the Board and published in the payment schedule;

2. Monthly payments over a period of forty-eight (48) continuous months. The payments shall begin on the date specified in the payment schedule and will continue on a monthly basis thereafter until the tuition prepayment contract is fully paid. The final payment must be received by the Program not later than July 1 of the year immediately preceding the projected college enrollment date of the designated beneficiary; or

3. Continuous monthly payments beginning on the date prescribed in the tuition prepayment contract and continuing on a monthly basis until not later than July 1 of the year immediately preceding the projected enrollment date of the designated beneficiary.

B. A tuition prepayment contract may only name a designated beneficiary who is under 21 on the first day of the month in which the application period begins, who has not completed the 10th or any higher grade and is not within two (2) years of his or her projected enrollment date, on the first day of the Program application period during which the tuition prepayment contract is purchased.

C. Calculations for monthly payments shall include, among other things, an implied rate of interest and a monthly Account Maintenance Fee.

D. The amount of each monthly payment for contributors choosing one of the monthly payment options shall be specified in the tuition prepayment contract.

E. The specific due date of the final payment for contributors choosing one of the monthly payment options will be specified in the tuition prepayment contract.

F. Tuition prepayment contract payments are due in full on the dates specified in the tuition prepayment contract.

S.C. Code Regs. § 19-1242

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