South Dakota Codified Laws 13-55E-10. Schedule for payment to institutions of higher education
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The executive director shall establish a schedule for payment to institutions of higher education of the tuition, room and board, or tuition only costs on behalf of beneficiaries. Payment under this section may not begin until the beneficiary applies to and is accepted by the institution of higher education. Upon completion or termination of an advance payment contract, the remaining balance of principal and investment earnings accruing to the contract shall be credited to the account established under § 13-55E-8.
Terms Used In South Dakota Codified Laws 13-55E-10
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
Source: SL 1994, ch 145, § 10.