2011 Wyoming Statutes
TITLE 21 - EDUCATION
CHAPTER 16 - HIGHER EDUCATION GENERALLY
21-16-504. Refund of advance payment; conditions; direct payment of benefits.

(a) If the beneficiary dies, is not admitted to an institution of higher education following proper application, elects to not attend an institution of higher education or if attending, elects to discontinue higher education or for any other circumstance approved by the program administrator does not exercise his rights under the advance payment contract, the program administrator shall terminate or modify the contract and except as provided under W.S. 21-16-502(b), refund to the purchaser, to any person designated by the purchaser by contract or to the legal representative of the purchaser, the amount of the one (1) time advance payment together with interest compounded annually at the rate of four percent (4%). A purchaser or other qualified person may request a refund in accordance with this subsection at any time following the one (1) time advance payment. The amount of refund payable under this subsection shall be proportionately reduced for each academic semester the beneficiary attends an institution of higher education.

(b) If the beneficiary qualifies for benefit entitlement under provisions of the advance payment contract, is admitted to an institution of higher education and receives additional financial or other assistance for tuition, room or board costs or elects not to contract for room and board with the institution of higher education, the parties to the contract may provide for the direct payment of tuition, room and board or tuition only costs to the beneficiary. The manner and amount of direct payment under this subsection shall be determined in accordance with rules and regulations adopted under this article.