South Carolina Code of Regulations › Chapter 19 - STATE BUDGET AND CONTROL BOARD › Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS › Section 19-1230 - Tuition Prepayment Contract Application and Payment

Current through Register Vol. 48, No. 6, June 28, 2024
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.