Contract Length

Q: How long is the contract valid?

A: The contract is valid for 10 years from the beneficiary's projected enrollment date. As a result, if the student is held back a grade, or decides to wait a few years before enrolling in college, the contract benefits will be available when the beneficiary does enroll. The 10-year contract period will be extended for any time during which a beneficiary is enlisted in military service. The contract may be extended for another 10-year period upon Board approval. The Board may assess renewal fees at that time. Tuition, local fee, and dormitory benefits not extended prior to the 10-year expiration period will be forfeited.

Q: What if a student graduates early from high school?

A: The contract may be utilized up to three years prior to the projected enrollment date if the child graduates from high school early. The account owner must provide written notice to the program at least 180 days prior to the new matriculation date and bring the contract current at the time the date is advanced.

Q: What if a student decides to serve in the military before going to college?

A: Time in military service will not count toward the regular expiration period of the contract. There is no limit to the amount of time a beneficiary may serve in the military without risking expiration of the contract.

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