South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS
Section 19-1290 - Administrative Fees
Universal Citation: SC Code Regs 19-1290
Current through Register Vol. 48, No. 3, March 22, 2024
A. Scope and Purpose: This regulation sets forth the guidelines for establishing administrative and programmatic fees to offset the costs of administering the Program.
B. Fee Schedule:
1. The following fees will be set annually by
the Board and will apply for all tuition prepayment contract applicants and
contributors:
(a) Application Fee. A
nonrefundable application fee will be collected at the time the application is
submitted.
(b) Termination Fee. A
fee will be collected upon termination of any tuition prepayment contract
purchased, except when a contributor requests a waiver as a result of the
following two (2) cases:
(1) The contributor
or the designated beneficiary dies or becomes disabled; or
(2) The designated beneficiary receives a
scholarship which renders the tuition prepayment contract unusable.
(c) Cancellation Fee. In the event
the contract has been canceled by the director, a cancellation fee will be
assessed.
(d) Out-of-State School
Transfer Fee. An administrative fee will be assessed for the transfer of
benefits to an eligible postsecondary school outside of South
Carolina.
(e) Account Maintenance
Fee. An administrative fee will be included in monthly payment amounts for all
contract payments that have not been made in full.
(f) Other Administrative Fees. Additional
charges may be assessed under the direction and annual review of the Board.
These administrative charges may include, but are not limited to, fees for
substitution of a designated beneficiary, late payment, non-sufficient funds,
change in payment plan option, account maintenance, change of contributor,
document replacement, and early enrollment.
C. All outstanding fees must be paid by July 1 of the year of the projected enrollment date in order for the designated beneficiary to receive tuition prepayment contract benefits.
Disclaimer: These regulations may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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