South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS
Section 19-1242 - Payment Options
Current through Register Vol. 48, No. 3, March 22, 2024
A. A contributor may choose to make payments under one (1) of three (3) different payment plans as follows:
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.