224.48 College tuition and expenses program.

653 words·~3 min read·/wi/chapter-224/224-48-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.

(c)The department may charge a purchaser an enrollment fee.

(d)The department shall promulgate rules authorizing a person who has entered into a contract under this subsection to change the beneficiary named in the contract.

(4)Number of tuition units purchased. A person who enters into a contract under sub.

(3)may purchase tuition units at any time and in any number, or may authorize a parent, grandparent, great-grandparent, aunt, or uncle of the beneficiary to purchase tuition units, except that the total number of tuition units purchased on behalf of a single beneficiary may not exceed the number necessary to cover tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance of the beneficiary at an institution of higher education.

(5)Payment of tuition.

(a)Except as provided in sub.

(7m), if an individual named as beneficiary in a contract under sub.

(3)attends an institution of higher education in the United States, each tuition unit purchased on his or her behalf entitles that beneficiary to apply toward the payment of tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance at the institution an amount equal to 1 percent of the anticipated weighted average tuition of bachelor’s degree-granting institutions within the University of Wisconsin System for the year of attendance, as estimated under sub.

(2)in the year in which the tuition unit was purchased.

(b)Upon request by the beneficiary, the department shall pay to the institution or beneficiary, whichever is appropriate, in each semester of attendance the lesser of the following:

1. An amount equal to the value of each tuition unit, as determined under par.

(a), multiplied by the number of tuition units purchased on behalf of the beneficiary and not used.

2. An amount equal to the sum of the institution’s tuition, fees and the costs described in par.

(a)for that semester.

(6)Termination of contract.