166.201. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

166.201. As used in sections 166.200 to 166.242, sections 173.053 and173.262, RSMo, the following terms mean:

(1) "Advance tuition payment contract", a contract entered into by thetrust and a purchaser pursuant to the provisions of sections 166.200 to166.242, sections 173.053 and 173.262, RSMo, to provide for the highereducation of a qualified beneficiary;

(2) "Board", the board of directors of the Missouri access to highereducation trust;

(3) "Fund", the Missouri access to higher education trust fund createdin section 166.207;

(4) "Pell grant", a federal grant for undergraduate students based onfinancial need and, for the purposes of sections 166.200 to 166.242, sections173.053 and 173.262, RSMo, determines financial need;

(5) "Purchaser", a person who makes or is obligated to make advancetuition payments pursuant to an advance tuition payment contract;

(6) "Qualified beneficiary", any resident of this state named as abeneficiary in an advance tuition payment contract;

(7) "State institution of higher education", any college, university, orcommunity college supported in whole or in part out of state fundsspecifically appropriated for operations;

(8) "Trust", the Missouri access to higher education trust created insection 166.203;

(9) "Tuition", any tuition or other fees charged by a state institutionof higher education for attendance at that institution as a student by aresident of this state;

(10) "Weighted average tuition cost of state institutions of highereducation", the tuition cost arrived at by adding the products of the annualundergraduate tuition cost at each state institution of higher education andits total number of undergraduate fiscal year equated students, and thendividing the gross total of this cumulation by the total number ofundergraduate fiscal year equated students attending state institutions ofhigher education.