At what point will the Board terminate a contract for nonpayment?
An account is considered “delinquent” if a payment has not been received within 30 days of the due date. Account payments must be brought current within 180 days from the date of the notice of delinquency. If the payments are not brought current within 210 days of the original due date, the contract will be terminated. Upon contract termination, a refund of the money paid into the Plan, minus a cancellation fee of $50 or 50 percent of the monies paid into the plan, whichever amount is less, and minus any outstanding late and non-sufficient fund fees is available. (The cancellation fee is waived if the account owner holds the contract for more than two years.) For tuition plan accounts purchased on or after February 1, 2009, and any associated dormitory plan, local fee plan or tuition differential fee plan accounts, a written, notarized request signed by both the account owner and survivor is required to request the refund.
