24 Pa. Stat. § 6901.302
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Academic period." A semester, trimester or comparable period into which an eligible educational institution divides its academic year.
"Academic year." A 12-month period commencing on or after August 1 of the calendar year.
"Account owner." A person, including a natural person, corporation, association, partnership or other legal entity, who enters into a Tuition Account Program Contract.
"Beneficiary." A person who meets the eligibility criteria established by this chapter and by the department and on whose behalf an account owner enters into a Tuition Account Program Contract.
"Board." The Tuition Account Programs Advisory Board.
"Department." The Treasury Department of the Commonwealth.
"Eligible educational institution." A college, university, vocational or other postsecondary educational institution as defined by section 529 of the Internal Revenue Code of 1986 ( Public Law 99-514, 26 U.S.C. § 529 ).
"Funds." The Tuition Account Guaranteed Savings Program Fund and the Tuition Account Investment Program Fund.
"Lawful investment." Any of those investments described in either 24 Pa.C.S. § 8521 (relating to management of fund and accounts) or 71 Pa.C.S. § 5931 (relating to management of fund and accounts).
"Net earnings rate of the Tuition Account Guaranteed Savings Program Fund." The percentage return of the investment of Tuition Account Guaranteed Savings Program Fund assets after adjusting for any taxes and operating expenses.
"Other educational expense credits." Tuition credits that are converted for payment of qualified higher education expenses other than tuition, as provided in section 309(h) .
"Private institution." Any private or out-of-State public institution that is an eligible educational institution.
"Public institution." Any public eligible educational institution which is required to participate in the Tuition Account Guaranteed Savings Program under section 308.
"Qualified higher education expenses." Expenses, as defined by section 529 of the Internal Revenue Code of 1986 ( Public Law 99-514, 26 U.S.C. § 529 ).
"Tuition." The charge for an academic credit or the credits required for attendance at an eligible educational institution for a full-time undergraduate academic period.
"Tuition Account Program Contract." A Tuition Account Guaranteed Savings Program Contract or a Tuition Account Investment Program Contract entered into by an account owner and the department to provide for savings to meet the future qualified higher education expenses of a beneficiary attending an eligible educational institution.
"Tuition credits." Credits as determined in section 309(c).
"Tuition credit prices." The price set by the Treasury Department annually for each tuition level.
"Tuition level." The account owner's designation of the public or private institution or an average established pursuant to section 309(b) to which a contribution made pursuant to a Tuition Account Guaranteed Savings Program Contract will be applied to determine the tuition credit equivalent of the contribution.
"Tuition shortfall." The difference between the amount of the payment authorized by the account owner pursuant to section 309(d)(2) or (e)(2) and the available portion of the value of the account.
"Value of the account." For a Tuition Account Guaranteed Savings Program Contract, an amount calculated by compounding annually each separate contribution from the time of contribution to the date of calculation at the actual annual net earnings rate of the Tuition Account Guaranteed Savings Program Fund. For a Tuition Account Investment Program Contract, an amount determined by subtracting expenses, fees and taxes, if any, from the value of the Tuition Account Investment Program Fund and then prorating the remaining net value by shares.
24 P.S. § 6901.302