Nothing in this chapter or in any prepaid tuition contract or savings trust agreement entered into pursuant to this chapter shall be construed as a promise or guarantee:
1. By the board or the Commonwealth of any admission to, continued enrollment at, or graduation from any public institution of higher education;
2. That the beneficiary's cost of tuition at an institution of higher education will be covered in full by the proceeds of the beneficiary's prepaid tuition contract, provided, however, that a prepaid tuition contract will cover that portion of tuition that is required under the terms of any such contract based on the tuition prepayments made; or
3. That any qualified higher education expense will be covered in full by contributions to or earnings on any savings trust account.
1994, c. 661, § 23-38.86; 1999, cc. 485, 518; 2016, c. 588; 2019, cc. 803, 804.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts
§ 23.1-701. Plan established; moneys; governing board
§ 23.1-702. Advisory committees to the board; membership; terms; qualifications; duties
§ 23.1-703. Chief executive officer of the Plan
§ 23.1-704. Powers and duties of the board
§ 23.1-705. Board actions not a debt of Commonwealth
§ 23.1-706. Standard of care; investment and administration of the Plan
§ 23.1-707. Prepaid tuition contracts and college and ABLE savings trust agreements
§ 23.1-707.1. Prepaid tuition contracts; pricing reserves; limitations
§ 23.1-708. Assets of the Plan exempt from taxation
§ 23.1-710. Forms and audit of accounts and records
§ 23.1-711. Admission to institutions not guaranteed; coverage limitations