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Administrative
Fees
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Type |
Description |
Amount |
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| Application
Fee |
Application processing
for new account |
$85 |
Application Fee:
Additional Contracts* |
Processing of 2nd and subsequent applications
(same purchaser) |
$50 |
|
Payment Processing** |
Charge assessed for
monthly and annual payment plans |
$3 per payment (included in
contract prices) |
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Service Fees |
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|
Type |
Description |
Amount |
|
Late
Payment:
Monthly Payment Plan |
Payment received after payment grace period
|
$20 |
Late Payment:
Lump Sum, Annual or Down Payment |
Payment
received after payment grace period |
1% of outstanding
balance |
Non-sufficient
Funds
and/or Returned Payment |
Payments
returned by financial institution |
$20 |
| Change Payment
Schedule |
Change in
payment schedule |
$15 |
| Change of
Purchaser |
Change of
purchaser of plan |
$15 |
| Change of
Beneficiary |
Change of
beneficiary of plan |
$15 |
| Change Type
of Plan |
Changing
from one plan type to another |
$15 |
| Document
Replacement |
New coupon
book, welcome package, etc. |
$15 |
| Benefits
Transfer to Private or Out-of-state School
|
Processing
private or out-of-state school invoice |
$15
per institution attended |
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Cancellation
Fees |
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|
Type |
Description |
Amount |
|
| Cancellation
- Voluntary*** |
Purchaser elects to cancel account |
The lesser of $100 or 50% of amount paid |
| Cancellation
- Involuntary |
Plan is
cancelled due to delinquency, incorrect information,
etc. |
The lesser
of $100 or 50% of amount paid |
| Cancellation
- Fraud |
Plan is
cancelled due to deliberate misrepresentation
|
The lesser
of $500 or 100% of amount paid |
Account Maintenance:
Lump Sum Payment |
Charge assessed
for cancellation of lump sum plans |
35 cents
per month |
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Fees Footnotes
* Application fee is $85 for first contract purchased
and $50 for each contract thereafter purchased by
the same individual.
** Payment processing fees are not refunded when
a prepaid tuition contract is cancelled.
*** For reasons other than death, disability or scholarship.
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