2011 Wyoming Statutes
TITLE 21 - EDUCATION
CHAPTER 16 - HIGHER EDUCATION GENERALLY
21-16-502. Advance payment contract.

(a) In accordance with rules and regulations adopted under this article and at the discretion of the program administrator, the state treasurer and the executive director of the Wyoming community college commission, acting jointly, the program administrator may enter into a contract with a purchaser for the advance payment of tuition, room and board or tuition only costs on behalf of a beneficiary for attendance at one (1) or a combination of institutions of higher education, without further tuition, room and board or tuition only costs to the beneficiary. A contract entered into under this subsection is subject to determination of residency status by the appropriate institution of higher education. Except as provided under subsection (b) of this section, benefits provided under contract shall begin not less than seventeen (17) years from the beginning date of the first fall academic semester following the date of payment.

(b) Notwithstanding subsection (a) of this section, benefits provided under contract may commence within a period less than seventeen (17) years but not less than ten (10) years from the beginning date of the first fall academic semester following the date of payment. The one (1) time advance payment required under a contract providing for a reduced time limitation on the use of contract benefits pursuant to this subsection shall be subject to interest compounded annually at the rate of ten percent (10%) for the period of time the contract is reduced below seventeen (17) years, payable at the time of advance payment. The amount of the one (1) time advance payment together with interest paid under this subsection shall be refunded upon termination or modification of the contract pursuant to W.S. 21-16-504. Any investment earnings accruing to a contract under this subsection is not refundable.

(c) The advance payment contract shall specify one (1) of the payment options specified under this subsection to be required from the purchaser on behalf of the beneficiary. The one (1) time advance payment shall be made in cash or cash equivalents at the time the contract is signed. The program administrator shall annually determine the amount of the one (1) time advance payment for each of the following payment options:

(i) Not to exceed four (4) academic semesters of resident tuition, room and board at any community college located within Wyoming;

(ii) Not to exceed four (4) academic semesters of nonresident tuition, room and board at any community college located within Wyoming;

(iii) Not to exceed ten (10) academic semesters of resident tuition, room and board at the University of Wyoming or a combination of a community college within the state and the University of Wyoming;

(iv) Not to exceed ten (10) academic semesters of nonresident tuition, room and board at the University of Wyoming or a combination of a community college within the state and the University of Wyoming;

(v) Not to exceed four (4) academic semesters of resident tuition at any community college located within Wyoming;

(vi) Not to exceed four (4) academic semesters of nonresident tuition at any community college located within Wyoming;

(vii) Not to exceed ten (10) academic semesters of resident tuition at the University of Wyoming or a combination of a community college located within Wyoming and the University of Wyoming; or

(viii) Not to exceed ten (10) academic semesters of nonresident tuition at the University of Wyoming or a combination of a community college located within Wyoming and the University of Wyoming.

(d) The advance payment contract shall prohibit payment of and the program administrator shall not pay a tuition benefit in excess of resident tuition costs if the:

(i) Purchaser entered into the advance payment contract under an option specified by paragraph (c)(i) or (iii) of this section; or

(ii) Beneficiary is determined a resident for tuition purposes by the appropriate institution of higher education at the time of enrollment and the purchaser entered into the advance payment contract under an option specified by paragraph (c)(ii) or (iv) of this section.

(e) The program administrator shall make necessary arrangements with the appropriate institution of higher education to fulfill his obligation under the advance payment contract. An institution of higher education shall admit the beneficiary of the contract if he otherwise qualifies for admission. This section and any advance payment contract entered into pursuant to this article shall not guarantee that the beneficiary will:

(i) Be admitted to an institution of higher education;

(ii) If admitted, be determined a resident for tuition purposes by the appropriate institution of higher education;

(iii) Be allowed to continue attendance at an institution of higher education following admission; or

(iv) Graduate from an institution of higher education.

(f) An advance payment contract shall not be sold or otherwise transferred by the purchaser or beneficiary. Subject to rules and regulations adopted pursuant to this article, the purchaser may substitute another individual for the beneficiary originally named in the contract.