S.C. Code Regs. 19-1230 - Tuition Prepayment Contract Application and Payment
A. Scope and Purpose: This regulation sets
forth the policies and procedures for the purchase and payment of tuition
prepayment contracts.
B. Contract
Requirements:
1. The director may enter into
tuition prepayment contracts with contributors who may be an individual or
individuals, a corporation, partnership, association, trust, nonprofit
organization, any legally recognized organization that has the authority to
enter into contracts, or other entities approved by the Board. The contributor,
if an individual or individuals, must be eighteen (18) years of age or older,
or must be represented by a court appointed conservator or guardian, or a
trustee, or a designated custodian under the provisions of Title 20, Chapter 7,
Sections 140 through 240, Code of Laws of South Carolina, 1976, as may be
amended.
2. A contributor must
designate, on the application, the social security number, the age and, if
applicable, the educational grade level of the designated beneficiary. For
children under the age of one (1), the social security number must be provided
to the Program within a reasonable period of time following the date the
application is submitted. The contributor must also indicate on the application
the payment plan that will be purchased under the tuition prepayment
contract.
3. Only one (1)
corporation, partnership, association, trust, nonprofit organization, or other
entity may be named on the application and in the tuition prepayment contract
as the contributor. Joint contributors where the named contributors are
individuals may be permitted. In the event of joint individual contributors,
one individual must be named as the primary party responsible for contract
obligations.
4. Only one (1)
designated beneficiary is allowed per tuition prepayment contract.
5. A single individual may be named as the
designated beneficiary in up to two (2) tuition prepayment contracts provided
that both of the tuition prepayment contracts naming the same designated
beneficiary are for the two year benefit option plan. Under no circumstances
may a single individual be named as a designated beneficiary on more than one
tuition prepayment contract when one of the contracts purchased on behalf of
the designated beneficiary provides for the full four years of contract
benefits. In the event tuition prepayment contracts are processed with combined
benefits extending beyond four years for the same designated beneficiary, the
tuition prepayment contract processed first shall be deemed valid and the
remaining tuition prepayment contract(s) shall be deemed canceled.
6. The contributor does not have to specify
at the time of application the institution of higher learning that the
designated beneficiary will attend.
7. The projected enrollment date specified on
the application shall correspond to the age and/or grade of the designated
beneficiary at the time of application.
Notes
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