23-38.75 - Definitions.
§ 23-38.75. Definitions.
As used in this chapter, unless the context requires a different meaning:
"Board" means the Board of the Virginia College Savings Plan.
"Contributor" means a person who contributes money to a savings trustaccount established pursuant to this chapter on behalf of a qualifiedbeneficiary and who is listed as the owner of the savings trust account.
"Plan" means the Virginia College Savings Plan.
"Prepaid tuition contract" means the contract entered into by the Board anda purchaser pursuant to this chapter for the advance payment of tuition at afixed, guaranteed level by the purchaser for a qualified beneficiary toattend any two-year or four-year public institution of higher education inthe Commonwealth to which the qualified beneficiary is admitted.
"Purchaser" means a person who makes or is obligated to make advancepayments in accordance with a prepaid tuition contract and who is listed asthe owner of the prepaid tuition contract.
"Qualified beneficiary" or "beneficiary" means (i) a resident of theCommonwealth, as determined by the Board, who is the beneficiary of acontract and who may apply advance tuition payments to tuition as set forthin this chapter; (ii) a beneficiary of a contract purchased by a resident ofthe Commonwealth, as determined by the Board, who may apply advance tuitionpayments to tuition as set forth in this chapter; or (iii) a beneficiary of asavings trust account established pursuant to this chapter.
"Savings trust account" means an account established by a contributorpursuant to this chapter on behalf of a qualified beneficiary in order toapply distributions from the account toward qualified higher educationexpenses at eligible educational institutions, both as defined in § 529 ofthe Internal Revenue Code of 1986, as amended, or other applicable federallaw.
"Savings trust agreement" means the agreement entered into by the Board anda contributor establishing a savings trust account.
"Tuition" means the quarter, semester, or term charges imposed forundergraduate tuition by any two-year or four-year public institution ofhigher education in the Commonwealth and all mandatory fees required as acondition of enrollment of all students. A beneficiary may apply benefitsunder a prepaid tuition contract and distributions from a savings trustaccount toward graduate-level tuition and toward tuition costs at sucheligible educational institutions, as that term is defined in 26 U.S.C. § 529or any other applicable section of the Internal Revenue Code of 1986, asamended, as determined by the Board in its sole discretion.
(1994, c. 661; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999, cc. 485, 518;2000, cc. 382, 400.)