Title 011 | Chapter 017 | Regulation 070
11 KAR 17:070.Using prepaid tuition contract benefits.
Section 1.
Payment of Value of the Prepaid Tuition Contract to an Eligible Educational Institution.(1)
A purchaser shall submit sufficient documentation to the office indicating the admission of a qualified beneficiary at an eligible educational institution. Failure to timely submit this written notice to the office shall result in the assessment of a late notice fee as required by 11 KAR 17:100 and delay in the payment from the fund for qualified postsecondary education expenses.(2)
Payments for qualified postsecondary education expenses shall be paid by the fund only if the prepaid tuition contract has been paid up-to-date, including payment of all applicable administrative fees.Section 2.
Remaining Prepaid Tuition Contract Value.(1)
If the value of the prepaid tuition account exceeds the amount paid by the fund to an eligible educational institution on behalf of a qualified beneficiary, the purchaser may make a written request to the office for payment of any remaining value for any qualified postsecondary education expenses.(2)
If a qualified beneficiary receives a scholarship which eliminates or reduces the amount of tuition to be paid to the eligible educational institution at which the qualified beneficiary is enrolled, the purchaser may request in writing to the office to:(a)
Use any remaining value of the prepaid tuition contract for the payment of other qualified postsecondary education expenses; or(b)
Receive a refund for the academic year under KRS 164A.709(5).HISTORY: (30 Ky.R. 761; 1196; eff. 12-1-2003; Cert eff. 9-28-2018; Cert eff. 10-1-2024.)
11 KAR 17:070.Using prepaid tuition contract benefits.
Section 1.
Payment of Value of the Prepaid Tuition Contract to an Eligible Educational Institution.(1)
A purchaser shall submit sufficient documentation to the office indicating the admission of a qualified beneficiary at an eligible educational institution. Failure to timely submit this written notice to the office shall result in the assessment of a late notice fee as required by 11 KAR 17:100 and delay in the payment from the fund for qualified postsecondary education expenses.(2)
Payments for qualified postsecondary education expenses shall be paid by the fund only if the prepaid tuition contract has been paid up-to-date, including payment of all applicable administrative fees.Section 2.
Remaining Prepaid Tuition Contract Value.(1)
If the value of the prepaid tuition account exceeds the amount paid by the fund to an eligible educational institution on behalf of a qualified beneficiary, the purchaser may make a written request to the office for payment of any remaining value for any qualified postsecondary education expenses.(2)
If a qualified beneficiary receives a scholarship which eliminates or reduces the amount of tuition to be paid to the eligible educational institution at which the qualified beneficiary is enrolled, the purchaser may request in writing to the office to:(a)
Use any remaining value of the prepaid tuition contract for the payment of other qualified postsecondary education expenses; or(b)
Receive a refund for the academic year under KRS 164A.709(5).HISTORY: (30 Ky.R. 761; 1196; eff. 12-1-2003; Cert eff. 9-28-2018; Cert eff. 10-1-2024.)