S.C. Code Regs. § § 19-1290

Current through Register Vol. 48, No. 11, November 22, 2024

Section 19-1290 - Administrative Fees

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.

S.C. Code Regs. § 19-1290

Added by State Register Volume 22, Issue No. 6, Part 1, eff June 26, 1998.