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South Carolina Tuition Prepayment Program
The South Carolina Tuition Prepayment Program has been closed to new enrollments until further action by the South Carolina General Assembly. The program offered two-year or four-year tuition packages to South Carolina families.
Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Enroll directly with the program.
Office of the State Treasurer
The most recent enrollment period ran from March 1 through May 31, 2006. It has been closed to new enrollment and will not reopen until the S.C. General Assembly authorizes the program to accept new participants.
The beneficiary must be a South Carolina resident for at least 12 months prior to program enrollment .
U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.
The beneficiary must be in the 10th grade or below as of the beginning of the enrollment period. Contract benefits must be used by the time the beneficiary is 30 years old, with extensions of up to four years granted for military service.
For the Spring 2006 enrollment period, prices ranged from as little as $17,088 (tenth grader) for the two-year plan to as much as $44,282 (infant) for the four-year plan. An extended monthly payment plan is available.
Four years of undergraduate tuition and fees or two years of undergraduate tuition and fees at a South Carolina public institution. Beginning with the 2007-2008 school year, annual tuition benefit increases under the program are capped at 7 percent, and state public institutions are required to waive any excess tuition increases for program participants.
Lesser of the weighted average tuition rate in effect for South Carolina public universities at that time or the actual tuition billed by the institution.
Lump sum, 48 monthly installments, monthly installments through the year of projected enrollment, or down payment with reduced monthly payments.
Yes, the state legislature is required to consider, but not necessarily approve, an appropriation to return all payments plus 4% interest in the event the program is canceled.
Fees & Expenses
Taxes and other Benefits
Contributions, including rollover contributions, to a South Carolina 529 plan are fully deductible in computing South Carolina taxable income.
The principal portion of nonqualified withdrawals from this plan are included in South Carolina taxable income to the extent of prior South Carolina tax deductions. Rollovers apparently are not subject to recapture.
Qualified distributions from South Carolina and non-South Carolina 529 plans are exempt.
South Carolina follows federal tax-free treatment.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under South Carolina law, accounts in a South Carolina 529 plan are exempt from attachment, garnishment, levy, and sale under any means or final process issued by any court or bankruptcy proceeding.
Distributions & Terminations
Tuition benefits are paid directly to the eligible educational institution and refunds are paid to the account owner.
Accepts requests to transfer contract ownership ($25 fee).