S.C. Code Regs. § 19-1245 - Remittance of Payments
A. All payments
to the Program must be made in cash only.
B. A contributor may select from various
payment methods as authorized by the director. A contributor may make a written
request for a change in payment method. The request is subject to review and
approval by the director whose decision shall be final.
C. Automatic payroll deduction is provided
for State of South Carolina employees. Any other employer desiring to establish
automatic payroll deduction for tuition prepayment contract contributors may do
so as long as the payroll deduction is administered in accordance with
specifications provided by the Board.
D. Payments shall be due upon the prescribed
payment due date regardless of whether the process for making the payment has
been implemented.
E. A contributor
will be responsible for making all payments on time, prior to implementation of
payroll deduction or automatic deduction from a checking or savings
account.
F. Any contributor whose
payment is delayed beyond the payment due date shall be assessed late payment
fees as described in Section
19-1290.
G. A contributor may request a change in
payment method at any time during the application period in which the
contributor enters the Program and extending through the tenth (10 th) day of
the month in which the first payment is due for monthly contributors, or in
which the one time, lump sum payment is due for lump sum contract contributors.
A change to the payment schedule at any other time, including at the time of a
designated beneficiary substitution, must be approved by the director and may
require the contributor to cancel the existing tuition prepayment contract and
to purchase a new tuition prepayment contract during a subsequent application
period.
H. A contributor who has
selected a monthly payment plan may pay off the plan early. In such cases, the
contributor can obtain a payoff amount by contacting the Program
office.
Notes
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