Administrative Fees, Cancellation and Termination Penalties

Enrollment

A non-refundable eighty-five dollar ($85.00) fee will be collected at the enrollment form is submitted.

Late Payment - Monthly Payments

A twenty-five dollar ($25.00) fee will be assessed for each payment not received by SCTPP within 15 days of the due date. Monthly payments are due on the first day of each month. The fee will be assessed every month that payment is late.

Non-Sufficient Funds

A thirty-five dollar ($35) fee will be assessed for all dishonored payments

Change of Contributor

A twenty-five dollar ($25.00) fee will be assessed to transfer SCTPP contract ownership to a new primary contributor except in the event of death or disability of the original primary contributor. Please fill out the Change of Contributor Form (PDF).

Document Replacement

A fifteen dollar ($15.00) fee will be assessed when a contributor requests a copy or replacement of any SCTPP document, certificate, payment coupon booklet, identification card(s), or other similar items.

Cancellation - Voluntary Account Closure

A one hundred and fifty dollar ($150.00) fee will be collected when a contributor cancels a SCTPP contract and requests a refund of the SCTPP account. The contributor is entitled to a waiver of the cancellation fee for the following three events:

  • the contributor or the designated beneficiary dies or becomes disabled
  • the designated beneficiary receives a scholarship which renders the SCTPP contract unusable
  • the SCTPP contact is reinstated within 180 days of a payment default. Failure to make any contract payment within 30 days of the due date constitutes default by the contributor and cancellation of the contributor's and beneficiary's rights and benefits under the SCTPP contract.

Account Maintenance

A three dollar ($3.00) fee will be included in each monthly payment amount for all months that an account is not paid in full. The account maintenance fee has been incorporated into the monthly payment.

Late Payment - Lump Sum

A fee in an amount equal to two and one-half percent (2.5%) of the total lump sum amount due will be assessed if SCTPP does not receive the total payment within 15 days of the due date. A twenty-five dollar ($25.00) fee will be charged every 30 days thereafter until SCTPP receives the full amount due.

Change of Beneficiary

A twenty-five dollar ($25.00) fee will be assessed to designate a new beneficiary of a SCTPP contract except in the event of death or disability of the original beneficiary. Please fill out the Change of Beneficiary Form (PDF).

Out-of-State College Benefits Usage

A twenty-five dollar ($25.00) fee will be assessed for each tuition invoice processed by SCTPP for payment to an out-of-state college or university. Please fill out the Intent to Enroll Form (PDF).

Special Service

A twenty-five dollar ($25.00) fee will be assessed for allowable changes to a SCTPP contract or for special administrative requests initiated by the contributor.

Cancellation - Involuntary Account Closure

In the event a SCTPP contract is canceled by the director, the cancellation fee will be collected in the following manner:

  • A five hundred dollar ($500.00) fee will be collected and the SCTPP account closed upon the determination of fraud or any misrepresentation on the part of the contributor to include, but not to be limited to, misrepresentation of the residency of the beneficiary at the time of the application of the program.
  • A one hundred and fifty dollar ($150.00) fee will be collected upon cancellation of a SCTPP contract and closure of the SCTPP account due to nonpayment of any required payments within the established time frame. A contract is subject to cancellation by the director when a payment is six or more months overdue.
  • A one hundred and fifty dollar ($150.00) fee will be collected upon cancellation of a SCTPP contract and closure of the SCTPP account due to the designated beneficiary reaching his or her 30th birthday prior to exhausting the benefits of the contract.

No Fee Transactions

Addition of Joint Contributor

No administrative fee will be assessed for a contributor to add a joint-contributor to his or her SCTPP account. A joint-contributor can make inquiries about the status of the account but may not make account changes or receive account funds. Please fill out the Add Joint Contributor Form (PDF).

Refund Due to Scholarship

No administrative fee will be assessed when a contributor requests a refund due to the contract beneficiary's receipt of a scholarship. Proof of scholarship and other sufficient documentation must be submitted to SCTPP. In order to process the refund in a timely manner, please follow the instructions on the Scholarship Refund Form (PDF).

In-State Private College Benefits Usage

No administrative fee will be assessed for a tuition invoice processed by SCTPP for payment to an independent college in South Carolina. Please fill out the Intent to Enroll Form (PDF).