18A:71B-67 - New Jersey Prepaid Higher Education Expense Program - New Jersey Statutes

18A:71B-67  New Jersey Prepaid Higher Education Expense Program.

4. a. There is established the New Jersey Prepaid Higher Education Expense Program to provide a means for payment of the costs of tuition in advance of enrollment at a public institution of higher education.  Moneys remitted in accordance with advance payment contracts shall be combined and invested in a manner that is intended to yield sufficient interest to generate the difference between the prepaid amount and the average in-state tuition costs at public institutions of higher education in the State at the time that the benefits are exercised.  The program shall pay to the public institution of higher education at which the qualified beneficiary is enrolled an amount equal to the institution's tuition rate at the time the benefits are exercised.

b.The program shall be administered by the Prepaid Higher Education Expense Board established pursuant to section 6 of this act.

L.2001,c.262,s.4.