(1) Education costs at institutions of higher learning are difficult for many to afford and difficult to predict. As a result, the ability of individuals and families to plan for future educational expenses has been adversely affected.

(2) It is in the best interest of the citizens of this State to foster higher education in order to provide well-educated citizens.

(3) It is in the best interest of the citizens of this State to encourage state residents to enroll in institutions of higher learning.

(4) Providing a mechanism to help assure the higher education of the citizens of this State is necessary and desirable for the public health, safety, and welfare.

(5) The purposes of this chapter are to:

(a) provide wide and affordable access to the public institutions of higher learning for the residents of this State;

(b) encourage attendance at institutions of higher learning and help individuals plan for educational expenses;

(c) provide a program of investment trust agreements to apply distributions toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law;

(d) provide for the creation of a trust fund, as an instrumentality of the State of South Carolina, to assist qualified students in financing costs of attending institutions of higher education;

(e) encourage timely financial planning for higher education by the creation of investment trust accounts;

(f) provide a choice of programs to persons who determine that the overall educational needs of their families are best suited to a prepaid tuition contract under the South Carolina Tuition Prepayment Program, or an investment trust agreement under this chapter, or both;

(g) provide an investment program for those who wish to save to meet postsecondary educational needs beyond the traditional baccalaureate curriculum.