13-55E-4. Specification of payment options.
The advance payment contract shall specify one of the payment options specified under this section to be required from the purchaser on behalf of the beneficiary. The one-time advance payment shall be made in cash or cash equivalents at the time the contract is signed. The executive director shall annually determine the amount of the one-time advance payment for each of the following payment options:
(1)Not to exceed four academic semesters of resident tuition, room and board at any state-supported university;
(2)Not to exceed four academic semesters of nonresident tuition, room and board at any state-supported university;
(3)Not to exceed four academic semesters of resident tuition at any state-supported university; or
(4)Not to exceed four academic semesters of nonresident tuition at any state-supported university.
Source: SL 1994, ch 145, ยง4.
Structure South Dakota Codified Laws
Chapter 55E - Advance Payment Of Higher Education Costs
Section 13-55E-1 - Definition of terms.
Section 13-55E-2 - Advance payment contract--Time limitations of benefits.
Section 13-55E-3 - Reduction of time limitations of benefits.
Section 13-55E-4 - Specification of payment options.
Section 13-55E-5 - Limitation on tuition benefits in excess of resident tuition costs.
Section 13-55E-7 - Nontransferability--Substitution of beneficiary.
Section 13-55E-8 - Deposits of payments--State fund.
Section 13-55E-9 - Expenditures from fund--Administration costs and fees.
Section 13-55E-10 - Schedule for payment to institutions of higher education.
Section 13-55E-11 - Nonutilization of advance payment contract--Refunds.