The number of years or the semester equivalent which may be purchased for a designated beneficiary may not exceed that which is necessary for completion of an undergraduate degree at the institution in which the designated beneficiary is enrolled. In the event of a transfer to an independent institution of higher learning in South Carolina, tuition payments in an amount equal to the average tuition charged by public colleges and universities in South Carolina or the actual tuition charged by the institution in which the beneficiary is enrolled, whichever is less, will be paid to that institution. Section VI - Payments and Accounts 6.01 General. The payment schedule is enclosed with the master agreement and is incorporated into the tuition prepayment contract. 6.02 Payment Due Date.
Payments are due in the amounts and on the dates specified in the payment schedule.
The Program pools all payments into one large Fund, while maintaining a separate accounting for each participant. The Fund is invested with the goal of achieving a rate of return that is higher than the rate of tuition increases. 6.04 Administrative Fees. In addition to payments, the Board has adopted fees and penalties for certain administrative processes. The contributor should consult the current fee schedule.