Chapter 19B-4.
Advance Payment Contract
Application and Payments
Chapter 19B-5.
Advance Payment Contract
Benefits
Chapter 19B-6. Fee
Schedule
Chapter 19B-7.
Eligibility
Chapter 19B-9.
Transferability
Chapter 19B-10.
Termination
Chapter 19B-11. Refund
Chapter 19B-12. Grievance Petitions
Chapter
19B-13. Florida
Prepaid Tuition Scholarship
Program
Chapter 19B-14. Contract
Dispute Resolution
Chapter 19B-15. Florida Prepaid
College Foundation
19B-4 : ADVANCE PAYMENT CONTRACT APPLICATION AND
PAYMENTS
19B-4.001
Application.
(1)
Rule Chapters 19B-4 through 19B-13 and 19B-15, F.A.C., apply
to purchasers of advance payment contracts for the prepayment
of postsecondary registration, local fees, tuition
differential fees and/or dormitory residency fees under the
Stanley G. Tate Florida Prepaid College Program, the
“Program.” The application period shall commence and terminate
on dates set annually by the Board and published in the
Florida Administrative Weekly. Applications for advance
payment contracts purchased through the Board’s direct support
organization, The Florida Prepaid College Foundation, Inc.,
for purchasers participating in employer participation
programs or by purchasers pursuant to a court order will be
accepted by the Board at any time. Other applications for
advance payment contracts submitted to the Board outside the
annual application period will be processed for data
collection and administrative purposes, but will not be
accepted by the Board until the beginning of the next
succeeding annual application period. The contract prices
associated with applications submitted to the Board outside
the annual application period, except for those purchased
through the Board's direct support organization, The Florida
Prepaid College Foundation, Inc., for purchasers participating
in employer participation programs or by purchasers pursuant
to a court order, shall be the contract prices applicable to
advance payment contracts for the next succeeding annual
application period. After acceptance by the Board of the
purchaser’s application, a participation and payment schedule
shall be mailed to the purchaser. The advance payment contract
shall be comprised of the application, master covenant, and
participation and payment schedule.
(2) TheFlorida Prepaid College Plan and
Florida College Investment Plan
New Account Application, Form No. FPCB 2007-10, is hereby
incorporated by reference and may be obtained from the Board
by calling (800)552-GRAD (4723) (prompt 1). The Florida
Prepaid College Plan Program Master Covenant, Form No. FPCB
2007-02, is hereby incorporated by reference and may be
obtained from the Board by calling (800)552-GRAD (4723)
(prompt 1).
Specific
Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98
FS. History–New 3-29-89, Amended 2-6-90, 3-19-92, Formerly
4G-4.001, Amended 12-5-93, 5-31-95, 6-20-96, 10-20-96,
12-16-97, 2-18-99, 6-6-99, 2-8-00, 5-21-00, 1-3-01, 10-9-01,
11-27-02, 10-1-03, 1-29-04, 12-28-04, 6-2-05, 12-20-05,
1-1-07, 11-27-07, 12-17-07.
19B-4.002
Contract
Prices.
The
Board will evaluate the advance payment contract prices for
revision annually. All advance payment contract prices will be
published annually in the Florida Administrative Weekly. The
advance payment contract prices for tuition plans are based on
the actuarial assumption that university tuition will rise at
an average of 6.5 percent per annum, community college tuition
will rise at an average of 5 percent per annum and dormitory
fees will rise at an average of 6 percent per annum. Local fee
plan prices are based on the actuarial assumption that
university local fees will rise at an average of 5 percent per
annum and community college local fees will rise at an average
of 6 percent per annum. The tuition differential fee
plan prices are based on the actuarial assumption that the
tuition differential fee will rise an average of 8.5 percent
per annum until such time as the tuition differential fee
reaches forty percent (40%) of tuition at Funding Level 1
schools and thirty percent (30%) of tuition at Funding Level 2
schools. Once the tuition differential fee reaches the maximum
level, the actuarial assumption is that the tuition
differential fee will rise an average of 6.5% per annum.
Specific
Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98(2)
FS. History–New 3-29-89, Amended 2-6-90, 3-19-92, Formerly
4G-4.002, Amended 5-31-95, 2-18-99, 2-8-00, 12-28-03,
12-28-04, 12-20-05, 12-17-07.
19B-4.003
Payment Options.
Purchasers
may make payments through a variety of means. Payments may be
made by checks, money orders, electronic funds transfers,
automatic contribution plan, or employer payroll deductions.
Payments may not be made by credit cards or other means of
credit, rollover distributions, third party checks of
$10,000.00 or more, or traveler’s
checks.
(1)
Payments for applications received during the application
period may be made under any schedule, on such specific date
as specified by the Board and advertised in the Florida
Administrative Weekly. Payments are due in full within the
specified dates as published in the Florida Administrative
Weekly.
(2)
Payments for applications received from purchasers pursuant to
an employer participation agreement may be made as specified
by the agreement. The payment schedule will correspond with
the employer’s payroll schedule.
(3)
An implied interest rate for installment payment plans will be
calculated and approved by the Board and published annually in
the Florida Administrative Weekly.
(4)
The Board’s direct support organization, The Florida Prepaid
College Foundation, Inc., may purchase advance payment
contracts by providing a lump sum payment on or before March 1
of the Fall Semester of the anticipated enrollment year
designated in the contract. Such payment shall be comprised of
the lump sum price of the advance payment contract plus seven
and one-half percent (7 1/2%) interest compounded per annum
from the date of the first payment due
date.
Specific
Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.975,
1009.98(4) FS. History–New 3-29-89, Amended 2-6-90, 3-19-92,
Formerly 4G-4.003, Amended 6-20-96, 6-6-99, 11-27-02,
12-28-03.
19B-4.004
Default.
Failure
to make any payment within thirty (30) days of the due date
shall result in default by the purchaser and suspension of the
qualified beneficiary’s rights under the plan. A purchaser may
reinstate his status in good standing within 180 days of the
default, provided all delinquent amounts have been paid,
however if no payments are received within 120 days of the
first payment due date of a contract, the contract is not
eligible for reinstatement. A contract which has not been
reinstated shall be eligible for involuntary termination as
provided in Rule 19B-10.001, F.A.C.
Specific
Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98(4)
FS. History–New 3-29-89, Amended 2-6-90, 3-19-92, Formerly
4G-4.004.
19B-4.005
Maximum
Account Balance Limit.
(1) The maximum account balance limit
shall be determined annually by the Board. The maximum account
balance limit shall be calculated by multiplying the qualified
higher education expenses, including tuition fees, room and
board, and supplies, at the most expensive eligible
educational institution, as reported in College Cost and
Financial Aid Handbook 2006, published by the College Board,
by seven (7), and rounding the resulting product downward to
the nearest $1,000.00 increment. The maximum account balance
limit shall not exceed the amount permitted pursuant to s. 529
of the Internal Revenue Code. The Board will publish the
amount of the maximum account balance limit annually in the
Florida Administrative Weekly. The redemption value of an
advance payment contract plus the account balance of an
account in the Florida College Investment Plan, for the same
beneficiary shall not exceed the maximum account balance
limit.
(2) For purposes of the maximum account
balance limit, the redemption value of an advance payment
contract for:
(a) Tuition, local fee, and tuition
differential fee plans shall be the most expensive lump-sum
contract price for the university tuition, university local
fee and university tuition differential fee plans, as
determined annually by the Board’s actuary.
(b) Dormitory plans shall be the most
expensive lump-sum four (4) year dormitory contract price (8
semesters) as determined annually by the Board’s actuary.
(3) If the Board receives an application
for an advance payment contract or an additional plan as an
addendum to an advance payment contract for a beneficiary and
the sum of the redemption value of that application’s
benefit(s), the redemption value of any existing advance
payment contract for that beneficiary and the account balance
of a Florida College Investment Plan account for that
beneficiary exceeds the maximum account balance limit, the
Board will notify the purchaser that the Board cannot accept
the application.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98, 1009.981 FS. History–New
11-27-02, Amended 12-28-03, 7-13-06, 12-17-07.
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19B-5 : ADVANCE PAYMENT CONTRACT
BENEFITS
19B-5.001 Contract
Types.
The Florida Prepaid College Board’s
advance payment contracts offer purchasers four (4) different
plans: tuition, local fees, tuition differential fees and
dormitory. All advance payment contracts include a tuition
plan, unless the advance payment contract is an exception,
pursuant to the Rules of this Chapter 19B, F.A.C. Purchasers
may add corresponding local fee, tuition differential fee
and/or dormitory plans in conjunction with or as addendums to
advance payment contracts. The tuition plans cover the
matriculation fee, the building fee, the capital improvement
fee and the financial aid fee. Local fee plans cover the
activity and service, health, and athletics fees imposed by
the state universities and the student activity fee imposed by
the community colleges. Local fee plans purchased after July
1, 1999 also cover the technology fee imposed by the community
colleges. Tuition differential fee plans cover the
supplemental fee charged by public universities in the state
pursuant to Section 1009.24(15), F.S. The dormitory plan
covers the housing rate specified by the university for
inclusion in the plan of a double occupancy, air-conditioned
room.
(1) Tuition plans consist of three (3)
separate plans:
(a) University Plan – The university plan
specifies that 120 credit hours at a state university are
purchased for the benefit of the qualified beneficiary.
(b) Community College Plan – The
community college plan specifies that 60 credit hours at a
state community college are purchased for the benefit of the
qualified beneficiary. For community college plans purchased
prior to the 1996-97 application period, the number of credit
hours purchased through the community college plan shall be
the number specified in the advance payment contract.
(c) Community College
Plus University Plan – The
community college plus university plan specifies that 60
credit hours at a state community college and 60 upper
division level credit hours at a state university are
purchased for the benefit of the qualified beneficiary. For
community college plus university plans purchased prior to the
1996-97 application period, the number of credit hours
purchased through the community college plus university plan
shall be the number specified in the advance payment
contract.
Tuition plans do not cover
institutionally-imposed fees such as health, athletic,
activity and service, technology, tuition differential or
student activity fees.
(2) Local fee plans consist of three (3)
separate plans:
(a) University Local Fee Plan – The
university local fee plan specifies that local fees for 120
credit hours at a state university are purchased for the
benefit of the qualified beneficiary.
(b) Community College Local Fee Plan –
The community college plan specifies that local fees for 60
credit hours at a state community college are purchased for
the benefit of the qualified beneficiary.
(c) Community College
Plus University Local Fee
Plan – The community college plus university plan specifies
that local fees for 60 credit hours at a state community
college and 60 upper division level credit hours at a state
university are purchased for the benefit of the qualified
beneficiary.
Local fee plans may be purchased only for
those contract beneficiaries four (4) or more years away from
their anticipated matriculation date at the time the
application is filed. The local fee plan does not cover the
tuition differential fee.
(3)
Tuition Differential Fee Plans consist of two (2) separate
plans: Beneficiaries for whom advance payment contracts were
in effect prior to July 1, 2007 and consist of the university
tuition plan or the community college plus university tution
plan, are exempt from the tuition differential fee.
(a)
University Tuition Differential Fee Plan – The university
tuition differential fee plan specifies that 120 credit hours
at a state university authorized to assess the tuition
differential fee are purchased for the benefit of the
qualified beneficiary. The 120 credit hour university tuition
differential fee plan may be purchased only in conjunction
with a university tuition plan.
(b)
Community College Plus University Tuition Differential Fee
Plan – The community college plus universtiy tuition
differential fee plan specifies that only 60 credit hours at a
state university authorized to assess the tuition differential
fee are purchased for the benefit of the qualified
beneficiary. The 60 credit hour tuition differential fee plan
may be purchased only in conjunction with a community college
plus university tuition plan.
Tuition
differential fee plans may be purchased only for those
qualified beneficiaries who are four (4) or more years away
from their anticipated matriculation date at the time the
application is received by the Board.
(4) Dormitory Plan.
(a) The dormitory plan may be purchased
only for those contract beneficiaries four (4) or more years
away from their anticipated matriculation date at the time
that the contract application is filed.
(b) A dormitory plan purchased in
conjunction with or as an addendum to the community college
plus university plan is intended for use after the beneficiary
is admitted to a state university. A dormitory plan may only
be transferred for use at a community college pursuant to Rule
19B-9.004, F.A.C.
(c) A
purchaser may purchase a dormitory plan for a beneficiary who
was adopted from the Department of Children and Family
Services after May 5, 1997, without purchasing a tuition plan
contract for that beneficiary.
(5) The contracts do not cover fees and
costs related to books, meals, transportation, and
institutionally-imposed fees such as laboratory fees.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98(2) FS. History–New 3-29-89,
Amended 5-17-92, 8-23-92, Formerly 4G-5.001, Amended 5-31-95,
6-20-96, 10-20-96, 8-18-97, 2-18-99, 2-8-00, 8-27-02,
12-17-07.
19B-5.002 Contract Benefits.
(1) A qualified beneficiary may begin to
receive benefits during the Summer Semester of the scheduled
matriculation year. The benefits of the purchaser’s advance
payment contract shall be paid at the time a qualified
beneficiary enrolls in a state postsecondary institution
except in the event of legislative action pursuant to Section
1009.98(5), F.S. The credit hours purchased may be used during
any semester of postsecondary enrollment. To receive benefits
under this program, a qualified beneficiary whose advance
payment contract is in good standing will be issued an
identification card prior to each postsecondary Fall
enrollment period. No identification card will be issued to a
beneficiary unless the beneficiary submits a social security
number. Benefits under each advance payment contract are
available for use by the specified beneficiary for one (1)
matriculation each semester, however, a beneficiary may
matriculate more than once a semester if required by law or
policy of the postsecondary institution.
(2)(a) To be eligible to receive
dormitory plan benefits, qualified beneficiaries must file a
complete and timely residence application with the applicable
postsecondary institution. Beneficiaries must comply with all
housing authority rules and regulations. The housing
prepayment fee will be waived for the first housing
application. Subsequent applications to alternate housing
authorities will require payment by the purchaser of the
appropriate prepayment fee. The dormitory residence plan is
not available for use during the summer term.
(b) The dormitory plan provides payment
for a double-occupancy, air-conditioned room in a dormitory
specified by the state university. Where a state university
does not offer a double-occupancy, air-conditioned dormitory
room, the dormitory plan will pay the university, on behalf of
the qualified beneficiary, the average cost of an eligible
double-occupancy, air-conditioned dormitory room in the State
University System.
(3) Local fee and tuition differential
fee plans are tied to tuition contracts for matriculation
purposes. Payment for the local and tuition differential fees
will be remitted with the tuition payment upon the receipt of
a tuition invoice for a beneficiary whose advance payment
contract is composed of these fee plans. If the state
university does not charge a tuition differential fee, payment
for only the local fees will be remitted with the tuition
payment, upon receipt of a tuition invoice for a beneficiary
whose advance payment contract is composed of these fee
plans.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98 FS. History–New 3-29-89, Amended
2-6-90, 3-19-92, Formerly 4G-5.002, Amended 5-31-95, 6-20-96,
2-18-99, 1-1-07, 12-17-07.
19B-5.003 Contract Requirements.
(1) Purchasers must name the qualified
beneficiary in the application, provided however, that the
board’s direct support organization and organizations
operating scholarship programs pursuant to Rule 19B-5.007,
F.A.C., shall be permitted to leave the qualified
beneficiary’s name blank until April 1 of the anticipated
enrollment year.
(2) Only one (1) qualified beneficiary is
allowed per advanced payment contract, and a specific
beneficiary can be named in only one (1) advance payment
contract, provided however, a second advance payment contract
may be purchased for a beneficiary by the direct support
organization or an organization operating a scholarship
program pursuant to Rule 19B-5.007, F.A.C. If a second advance
payment contract is purchased for a beneficiary by the direct
support organization or an organization operating a
scholarship program pursuant to Rule 19B-5.007, F.A.C., the
purchaser of the original prepaid contract may receive a
refund pursuant to subsection 19B-11.001(2)(a), F.A.C. In the
event duplicate advance payment contracts for the same
beneficiary are processed and the second advance payment
contract was not purchased by the direct support organization
or an organization operating a scholarship program pursuant to
Rule 19B-5.007, F.A.C., the advance payment contract processed
first shall be deemed valid and the remaining advance payment
contract shall be deemed terminated.
(3) The purchaser does not have to
designate the postsecondary institution that the beneficiary
will attend.
(4) The benefits of an advance payment
contract may be used within three (3) years in advance of the
selected matriculation date indicated in the application with
no penalty or additional cost. However, to utilize the
benefits prior to the selected matriculation date, the
purchaser must pay the advance payment contract in full before
changing such matriculation date.
(5)(a) The benefits of an advance payment
contract may be received for up to a ten (10) year period
after the matriculation date. This ten (10) year limitation
will be extended upon application to the Board. Any time spent
by the qualified beneficiary in the military service tolls the
time for receiving contract benefits under all plans. The
matriculation date is the projected college enrollment year of
the qualified beneficiary, based on the information about the
qualified beneficiary’s age or grade contained in the
purchaser’s application, or similar information received
subsequently by the Board from the purchaser. The right to use
the benefits of an advance payment contract shall expire on
December 31, ten (10) years after the matriculation date, or
any extension thereof.
(b) When the benefits of an advance
payment contract have not been used on December 31, nine (9)
years after the matriculation date or one (1) year prior to
the expiration of any extension of the expiration date for the
use of the advance payment contract benefits, the Board shall
mail a written notice to the purchaser which indicates:
1. The purchaser must request in writing
that the Board extend the time period for the use of advance
payment contract benefits or to obtain a refund for the
contract;
2. That the right to use the advance
payment contract benefits will expire on December 31, ten (10)
years after the matriculation date or any extension thereof;
and
3. That such benefits and refund will
escheat to the Florida Prepaid College Trust Fund on that
date.
Such notice shall be mailed not later
than 180 days prior to the expiration of the advance payment
contract benefits. An alphabetical list of the names of
purchasers of such advance payment contracts shall be posted
on the Board’s website on the Internet.
(c) The benefits from and any refund
associated with an advance payment contract for which the
benefits have not been used by December 31, ten (10) years
after the matriculation date, or any extension thereof, shall
escheat to the Florida Prepaid College Trust Fund.
(6) Advance payment contracts that are
composed of tuition, local fee and tuition differential fee
plans will only be paid if the tuition plan, local fee plans
and tuition differential fee plan are in good standing. Local
fee payments and tuition differential fee payments shall not
be remitted to pay tuition for any beneficiary attending a
Florida
public university or community college. Local fee payments and
tuition differential fee payments may be remitted to pay
tuition at private and out-of-state colleges for any qualified
beneficiary.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98(4) FS. History–New 3-29-89,
Amended 2-6-90, 3-19-92, Formerly 4G-5.003, Amended 5-31-95,
6-20-96, 2-18-99, 6-6-99, 11-6-01, 8-27-02,
12-17-07.
19B-5.004
Contract Purchasers.
Any person, corporation, or organization
may purchase an advance payment contract for a qualified
beneficiary. Co-purchasers are permitted, and will enjoy a
right of survivorship. However, the purchaser may, without the
consent or authorization of the co-purchaser, execute all
contract changes, conversions, transfers, cancellations, and
refund requests. Any requests to change the purchaser
designated on the advance payment contract must be signed by
the purchaser and notarized by a notary. Refunds shall be made
payable to the purchaser only. If a purchaser terminates a
contract pursuant to Rule 19B-10.002, F.A.C., the co-purchaser
must be notified in writing. Any natural person named as the
purchaser and co-purchaser must be 18 years of age or older
and must be either a United
States citizen or a resident
alien.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98 FS. History–New 3-29-89, Amended
3-19-92, Formerly 4G-5.004, Amended 12-5-93, 6-20-96, 7-28-98,
11-27-02.
19B-5.005
Contract Exclusions.
No graduate program, adult basic, or
adult secondary program is available under this plan.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98 FS. History–New 3-29-89, Formerly
4G-5.005, Amended 6-20-96, 1-3-01.
19B-5.006 Limitations on Plan Option Changes.
(1) A purchaser of an advance payment
contract must notify the Board of a change to the payment
option or plan option delineated on such contract before the
end of the official contract change period, such dates to be
published in the Florida Administrative Weekly. Except as
provided in Rule 19B-11.002, F.A.C., no changes in enrollment
or payment options will be allowed after this change
period.
(2)(a) Advance payment contract
purchasers may make a lump sum prepayment to fully prepay an
installment contract with no prepayment penalty.
(b) Advance payment contract purchasers
may make one (1) or more partial prepayments on an installment
contract. For purposes of this Rule, a partial prepayment is a
payment made on an installment contract which is received by
the Board prior to the regularly scheduled time for a payment
and which is less than the lump sum amount required to fully
prepay the installment contract at the time such payment is
received by the Board. An advance payment contract purchaser
shall not receive any refund or reduction of the total amount
due on an installment contract, including any amount for
implied interest pursuant to subsection 19B-4.003(2), F.A.C.,
as the result of one (1) or more partial prepayments.
(3) No plan option, including a
dormitory, local fee or tuition differential fee plan, may be
added or deleted except during this change period, during an
open enrollment period, or by approval of the Board in cases
of hardship and pursuant to the special petition procedure
outlined in Rule 19B-12.001, F.A.C.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98(4) FS. History–New 2-6-90,
Formerly 4G-5.006, Amended 6-20-96, 3-20-97, 2-18-99,
12-17-07.
19B-5.007
Scholarship Programs Operated by Non Profit
Organizations.
(1) During the open
enrollment period, a nonprofit organization may purchase
advance payment contracts for a scholarship program operated
by the organization provided the Board has approved the
scholarship program.
(2) The Board will approve scholarship
programs operated by nonprofit organizations upon submission
of a written application to the Board that contains:
(a) Evidence that the organization is a
nonprofit organization described in Section 501(c)(3) of the
Internal Revenue Code;
(b) Evidence that the organization is
exempt from taxation pursuant to Section 501(a) of the
Internal Revenue Code;
(c) Information describing the
scholarship program and its purposes;
(d) A statement that the nonprofit
organization operates the scholarship program;
(e) A statement that the nonprofit
organization shall comply with the terms of the advance
payment contract, Section 1009.97-.98, 1009.982, 1009.983,
F.S., and the rules of the Board.
(3) An application for approval of a
scholarship program may be submitted with an application to
purchase one or more advance payment contracts.
(4) After an application is determined by
the Executive Director to be complete, the Board will consider
and approve the application for the scholarship program at its
next meeting.
(5) Approval by the Board of a
scholarship program is not and shall not be promoted by the
nonprofit organization as, an endorsement by the Board of the
scholarship program or the sponsoring nonprofit
organization.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.98(9) FS. History–New
10-9-01.
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19B-6
: FEE SCHEDULE
19B-6.001 Fee
Schedule.
The following fee schedule will apply for
all advance payment contract applicants and purchasers:
(1) Application Fee –
(a) A fifty dollar ($50.00) nonrefundable
application fee will be collected at the time an application
is submitted to the Board.
(b) If the purchaser named on the
application for the advance payment contract has a Florida
College Investment Plan account and the designated beneficiary
of that account is the same as beneficiary named on the
application for the advanced payment contract, a thirty dollar
($30.00) nonrefundable application fee will be collected at
the time the application is submitted.
(c) If an application for both the
advance payment contract and the Florida College Investment
Plan is submitted on the same application, an eighty dollar
($80.00) nonrefundable application fee will be collected at
the time the application is submitted.
(d) A fee of ten dollars ($10.00) will be
assessed for any purchaser of a tuition plan who subsequently
adds a dormitory plan to the previously purchased tuition
plan.
(e) A fee of ten dollars ($10.00) will be
assessed for any purchaser of a tuition plan who subsequently
adds the corresponding local fee plan to the previously
purchased tuition plan.
(f) A
fee of ten dollars ($10.00) will be assessed for any purchaser
of a tuition plan who subsequently adds the corresponding
tuition differential fee plan to the previously purchased
tuition plan.
(2) Termination Fee – Fifty percent (50%)
of the amount paid into the tuition plan up to a cap of fifty
dollars ($50.00) will be assessed upon termination of any
tuition plan purchased, unless:
(a) The purchaser or beneficiary dies or
is disabled; or
(b) The beneficiary receives a
scholarship which renders the plan unusable; or
(c) The purchaser holds the advance
payment contract for a period of at least two (2) years
immediately preceding the request for termination and refund.
(3) Cancellation Fee – In verifying the
residency of a beneficiary, if the Board discovers that a
purchaser has committed fraud, a cancellation fee of one
hundred percent (100%) of the amount paid into the plan up to
a maximum of two hundred fifty dollars ($250.00) will be
assessed, and the remainder of the amount paid into the plan
will be automatically refunded to the purchaser.
(4) Late Fee.
(a) A late fee of ten dollars ($10.00)
will be assessed on each monthly payment received twenty (20)
days past the due date. This charge shall be separate from and
in addition to any termination fee that might be imposed
pursuant to subsection (2) of this Rule. If the tuition, local
fee and tuition differential fee payments are received twenty
(20) or more days past the due date, only the tuition plan
will be assessed a ten dollar ($10.00) late fee. The Board
will grant an additional four (4) days’ grace period when a
federal holiday occurs within the twenty (20) days mentioned
above.
(b) When an advance payment contract is
terminated, not more than seventy dollars ($70.00) in
outstanding late fees may be deducted from the refund for the
advance payment contract.
(c) When an advance payment contract is
paid-in-full, the Board will waive:
1. Any outstanding late fees in excess of
seventy dollars ($70.00).
2. The outstanding late fee balance when
the outstanding late fee balance is fifty dollars ($50.00) or
less.
(5) Insufficient Funds – Purchasers will
automatically be assessed a twenty dollar ($20.00) fee for all
payments returned for insufficient funds.
(6) Outstanding Fees – All outstanding
fees must be paid by March 1 of the anticipated enrollment
year in order for the qualified beneficiary to receive the
advance payment contract benefits. Fees assessed after March 1
of the anticipated enrollment year and remaining unpaid on
February 1 of the succeeding year will result in a suspension
of the advance payment contract benefits.
(7) Reinstatement Fee – A fifty dollar
$50.00 fee shall be assessed for the reinstatement of a
voluntarily canceled or involuntarily canceled plan. This fee
shall be due on each tuition, local fee, tuition differential
fee and dormitory plan. The fee shall be due from the
purchaser at the time the request for reinstatement is made
and shall be in addition to all payments and fees required to
bring a plan current.
Specific Authority 1009.971(1), (4), (6)
FS. Law Implemented 1009.971(4), 1009.98 FS. History–New
3-29-89, Amended 2-6-90, 3-19-92, 8-23-92, Formerly 4G-6.001,
Amended 12-5-93, 6-20-96, 12-16-97, 2-18-99, 2-8-00, 11-6-01,
11-27-02, 12-17-07.
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