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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. South Carolina residents have alternatives with the Future Scholar 529 direct-sold and advisor-sold plans.
- Program typePrepaid contract
- Enrollment periodThe 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.
- State agencyOffice of the State Treasurer
- Tax deduction
Ratings & Rankings
Our overall rating for non-residents
This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.
State residency requirements:The beneficiary must be a South Carolina resident for at least 12 months prior to program enrollment .
Who can be a participant/owner in the program?U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program: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.
Minimum contributions:UNLOCK PRO
Contract prices: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.
Available tuition packages: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.
Benefits for beneficiary attending private or out-of-state institution: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.
Contract payment options:Lump sum, 48 monthly installments, monthly installments through the year of projected enrollment, or down payment with reduced monthly payments.
Are program benefits backed by the full faith and credit of the state?No
Are program benefits collateralized or guaranteed in any other way?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
Enrollment or application fee:$85
Taxes and other Benefits
- Tax deduction for single filersNo limit
- Tax deduction for joint filersNo limit
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.