Definition of terms

Terms used in this chapter mean: (1) "Advance payment contract," a contract entered into by the executive director and a purchaser pursuant to this chapter to provide for the higher education of a beneficiary; (2) "Beneficiary," the person designated within the advance payment contract to receive tuition, room and board, or tuition only at a state - supported institution of higher education; (3) "Executive director," the executive director of the Board of Regents; (4) "Institution of higher education," any state - supported university; (5) "Purchaser," any person obligated to make an advance payment of tuition, room and board, or tuition only costs on behalf of a beneficiary pursuant to an advance payment contract; (6) "Room and board costs," the amount assessed for lodging and regularly scheduled meals provided to students pursuant to a contract for room and board with an institution of higher education; (7) "Tuition costs," the amount assessed for full - time enrollment at an institution of higher education including mandatory fees imposed upon all full - time students as a condition of enrollment. Source: SL 1994, ch 145 , § 1.