S.C. Code Regs. § § 19-1255

Current through Register Vol. 48, No. 11, November 22, 2024

Section 19-1255 - Tuition Prepayment Contract Benefits

A. Scope and Purpose: This regulation sets forth the benefits available to qualified beneficiaries of a tuition prepayment contract.

B. The tuition prepayment contract is entered into between the director, on behalf of the Program, and the contributor. The tuition prepayment contract shall consist of the completed application, the master agreement, and the payment schedule. Additional documents relating to the tuition prepayment contract, issued or received by the Board, on behalf of the Program, and pursuant to the various terms and conditions described at Title 59, Chapter 4 of the South Carolina Code of Laws, 1976, will be incorporated into the tuition prepayment contract as appropriate.

C. Contract type:

1. A tuition prepayment contract provides, unless otherwise stated therein, payment by the Fund of in-state tuition, on behalf of the designated beneficiary of the tuition prepayment contract, to the college or university in which the designated beneficiary matriculates. A tuition prepayment contract for the four-year plan will provide payment of in-state tuition for not more than four years, or the equivalent. A tuition prepayment contract for the two-year plan will provide payment of in-state tuition for not more than two years, or the equivalent. In no event will the total payout by the Program exceed the cost for a full time, in-state resident student to attend eight semesters at a college or university.

2. Tuition benefits for a designated beneficiary may begin for the semester of the projected enrollment date.

S.C. Code Regs. § 19-1255

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