- Withdrawals due to the Beneficiary’s death (if paid to the Beneficiary’s estate) or disability (as defined in Section 72(m)(7) of the Internal Revenue Code);
- Withdrawals due to a scholarship received by the Beneficiary (to the extent the withdrawal does not exceed the amount of the scholarship);
- Withdrawals made on account of the Beneficiary’s attendance at a U.S. Military Academy (up to the costs of advanced education as defined by applicable federal law); and
- Withdrawals resulting from the use of Education Tax Credits by the Beneficiary.
Can I request a refund of only a portion of my Tuition Units?
The number of voluntary refunds for a Purchaser is limited to two in a 12-month period and must be in increments of 25 Tuition Units or 100% of the Purchaser’s Tuition Units, whichever is less.
Will I receive an IRS Form 1099?
All Tuition Unit Types Tuition UnitsTuition Units are the unit of measure used to purchase prepaid tuition. Generally, one unit represents one percent of the cost of tuition and required fees for 30 semester hours at the school that most closely matches the unit’s pricing structure. can be used at most four- or two-year public colleges and universities in Texas, excluding medical and dental institutions. While it is impossible to predict the exact number and type of units you will need for a particular school in the future, check out the Pricing Schedule and Redemption Guide for the number of units currently required at Texas public schools. At the back of the Pricing Schedule and Redemption Guide you will find information on the number of each type of Tuition Units Tuition UnitsTuition Units are the unit of measure used to purchase prepaid tuition. Generally, one unit represents one percent of the cost of tuition and required fees for 30 semester hours at the school that most closely matches the unit’s pricing structure. necessary to cover one academic year’s tuition and schoolwide required fees required feesRequired fees are only those that must be paid by all students as a condition of enrollment in the college or university. They do not include course-specific fees such as equipment usage or lab fees, or fees related to your major or year of study. at Texas public two-year and four-year colleges and universities if the units were redeemed in the current academic year. This is subject to change in the year that you actually redeem your Tuition Units. For example, a college whose costs are at the Weighted Average in the year Tuition Units are purchased might not be at the Weighted Average weighted average cost”Weighted Average” is calculated according to a formula established by Texas law. The Plan will calculate two Weighted Averages: (1) A Weighted Average cost of undergraduate resident tuition and required fees for four-year public senior colleges or universities in Texas, and (2) a Weighted Average cost of undergraduate resident tuition and required fees at two-year public institutions of higher education in Texas (public junior colleges, public state colleges, and public technical institutes) paid by residents of the taxing jurisdiction of the two-year public institution. Weighted Averages are essentially the average cost of undergraduate resident tuition and required fees at these public colleges and universities in Texas (institutions) and are calculated by 1) multiplying the average amount of the institution’s undergraduate resident tuition and required fees for an academic year consisting of 30 semester credit hours by the number of full-time equivalent undergraduate resident students at the institution; 2) adding together the products computed in 1) for each institution; and 3) dividing the sum determined in 2) by the total number of full-time equivalent undergraduate resident students at all institutions. in the year Tuition Units are redeemed.
