S.C. Code Regs. 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.
Notes
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