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Code · Wisconsin · Chapter 224 — Miscellaneous banking and financial institutions provisions

224.48 College tuition and expenses program.

321 words·~1 min read·/wi/chapter-224/224-48-2

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224.48 College tuition and expenses program.
(1)Definitions. In this section:
(a)“Board” means the board of regents of the University of Wisconsin System.
(am)“Department” means the department of financial institutions.
(b)“Institution of higher education” means an eligible educational institution, as defined under 26 USC 529 .
(2)Weighted average tuition; tuition unit cost. Annually, the department and the board jointly shall determine all of the following:
(a)The weighted average tuition of bachelor’s degree-granting institutions within the University of Wisconsin System for the academic year that begins on or after the first day of August of the current year. The amount shall be calculated as follows:
1. For each such institution, multiply the tuition charged a full-time undergraduate who is a resident of this state by the number of full-time equivalent resident undergraduates attending the institution.
2. Add the products under subd. 1.
3. Divide the sum under subd. 2. by the total number of full-time equivalent resident undergraduates attending such institutions.
(b)The price of a tuition unit, which shall be valid for a period determined jointly by the department and the board. The price shall be sufficient to ensure the ability of the department to meet its obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1 percent of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.
(3)College tuition and expenses contracts.
(a)An individual, trust, legal guardian, or entity described under 26 USC 529
(C)may enter into a contract with the department for the sale of tuition units on behalf of a beneficiary.
(b)The contract shall specify the anticipated academic year of the beneficiary’s initial enrollment in an institution of higher education.
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