South Carolina Code of Regulations › Chapter 19 - STATE BUDGET AND CONTROL BOARD › Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS › Section 19-1200 - Definitions

Current through Register Vol. 48, No. 6, June 28, 2024
For the purpose of Article 12, the following definitions should
				be used:
1. Average Tuition - the per
			 semester cost calculated by summing the tuition charged to each in-state
			 resident student at a public, four-year college or university in South Carolina
			 and dividing that sum total by the total number of in-state resident students
			 attending a public, four-year college or university in South
			 Carolina.
2. Board - the State
			 Budget and Control Board.
3.
			 College or University - a state-chartered public educational institution of
			 higher learning located in South Carolina.
4. Contributor - a person who makes or is
			 obligated to make advance payments in accordance with a tuition prepayment
			 contract; or, in the event of multiple individual contributors, the primary
			 party responsible for contract obligations.
5. Designated Beneficiary - the individual
			 who is designated as the beneficiary of amounts paid or to be paid to the
			 Tuition Prepayment Program or, in the case of a change in beneficiaries as
			 permitted under Title 59, Chapter 4 of the South Carolina Code of Laws, 1976,
			 the individual who is the new beneficiary.
6. Director - the head of the South Carolina
			 Tuition Prepayment Program.
7.
			 Disabled - the designated beneficiary is unable to benefit from higher
			 education as a result of sickness, disease, mental incapacity or injury
			 contracted or incurred after the date of the tuition prepayment
			 contract.
8. Fund - the South
			 Carolina Tuition Prepayment Program Fund.
9. Independent Institution of Higher Learning
			 - any independent eleemosynary junior or senior college in South Carolina whose
			 major campus and headquarters are located within South Carolina and which is
			 accredited by the Southern Association of Colleges and Secondary
			 Schools.
10. Member of the Family -
			 any individual defined by such term as 26 U.S.C. sec. 529(e)(2) or any
			 successor provision.
11. Payment(s)
			 - payment(s) required to be made under the payment schedule that are received
			 by the Fund and credited to the designated beneficiary's account.
12. Payment Schedule - the document furnished
			 by the Program to the contributor upon enrollment of the designated beneficiary
			 in the Program, and describing the due dates and amounts of payments required
			 of the contributor under the selected payment plan.
13. Program - the South Carolina Tuition
			 Prepayment Program.
14. Projected
			 Enrollment Date - the semester specified in the tuition prepayment contract as
			 the first semester in which a designated beneficiary may use the tuition
			 benefits of a tuition prepayment contract. The projected enrollment date is
			 based on the designated beneficiary's age and/or educational grade level at the
			 time of application to the Program.
15. Tuition - the credit hour charges imposed
			 for full time enrollment by a public higher education institution in this State
			 and all mandatory fees required as a condition of full time enrollment of all
			 students.
16. Tuition Prepayment
			 Contract - the contract entered into by the Director of the South Carolina
			 Tuition Prepayment Program or his designee on behalf of the Program and a
			 contributor pursuant to this chapter for the advance payment by the contributor
			 of in-state tuition at a fixed, guaranteed level for a designated beneficiary
			 to attend for up to four years on a full-time basis a public educational
			 institution of higher learning in South Carolina or to another educational
			 institution of higher learning that may be provided for at Title 59, Chapter 4
			 of the South Carolina Code of Laws, 1976, and to which the designated
			 beneficiary is admitted, enrolled, and classified as a degree-seeking
			 undergraduate student.