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  • Glossary/BEST Commonly used Terminology
Below are terms that will assist you in understanding the BEST Application process:
  • Academic Term - means the school segment consisting of a single semester, quarter, term or equivalent.

  • Academic Year - means a school year consisting of two (2) semesters or three (3) quarters or terms. One (1) full academic year is actuarially defined to be all full-time tuition, required to cover three (3) academic quarters at fifteen (15) credit hours per quarter or two (2) academic semesters at fifteen (15) credit hours per semester.

  • Account - means the record that contains the number of Tuition Units maintained on behalf of a Beneficiary under a Contract.

  • Available Units - prepaid tuition units that have been on account for at least two years and are now available for use.

  • Beneficiary - means an individual designated under a tuition contract as the individual entitled to apply tuition units purchased under the contract to the payment of that individuals undergraduate, graduate and professional tuition and "other educational costs" as that term is defined in Rule 1700-5-1-.011:

  • Bill Due Date - date payment should be received by institution.

  • Contract number(s) - some beneficiaries may have more than one prepaid tuition account. Each account number is listed on the form. Please list the account number that you wish to withdraw units from. If you are using more than one contract per term, please list each contract on a separate line.

  • Dollars to be used or Number of units to be used - state the amount of dollars needed or state the number of units you wish to use and BEST will convert the units into dollars. Do not complete both the dollar amount and unit number. For private and out-of-state schools, BEST will send exactly the amount you have authorized to the institution of your choice. For Tennessee public institutions, upon receipt of an invoice from the school of your choice, BEST will send the amount requested by the institution not to exceed the amount you have authorized.

  • Estimated payout value of all units on account - this amount is reflected on the consolidated statement which accompanied the Use Form and can also be determined by multiplying the number of available units by the weighted average tuition (WAT) value. The WAT changes annually on August 1.

  • Institution of Higher Education - means either:
    1. The University of Tennessee, including all of its branches and divisions wherever located, and each member institution of the State University and Community College System;
    2. An accredited private college, university or other post secondary institution located in Tennessee which admits as regular students only persons who have a high school diploma, or the recognized equivalent of a high school diploma, and which is an eligible institution for purposes of student assistance awards made by the Tennessee Student Assistance Program pursuant to T.C.A., Title 49, Chapter 4, Part 3;
    3. A college, university or other post secondary institution located outside Tennessee which admits as regular students only persons who have a high school diploma, or the recognized equivalent of a high school diploma, and which is accredited by either the recognized regional Commission on Colleges of the Association of Colleges and Schools, the Accrediting Commission of Career Schools and Colleges of Technology, the Accrediting Council for Independent Colleges and Schools, the Council on Occupational Education, the National Association of Schools of Art and Design, or by such other equivalent accrediting organization or professional association as may be approved by resolution of the Board. In addition, any such college, university or other post secondary institution must meet the conditions established by the U.S. Department of Education for purposes of federal student assistance authorized by Part A, Title IV of the Higher Education Act of 1965, as amended; or
    4. Any other institution which meets the definition of an "eligible educational institution" under Section 529(e) of the Internal Revenue Code.

  • Member of Family - means the brother, sister, half brother, half sister, legally adopted brother, legally adopted sister, first cousin, niece or nephew of the original Beneficiary, or such other person as may be defined as a "Member of the Family" under the sections of the Internal Revenue Code which are applicable to the BEST Program

  • New Beneficiary - means an individual to whom rights under the Contract have been transferred.

  • Other Educational Cost - means fees and the costs of books, supplies and equipment required for the enrollment or attendance of the beneficiary at the institution of higher education where the beneficiary is enrolled." Other Educational Costs" also means the costs of Room and Board, incurred while the beneficiary is enrolled in an institution of higher education on at least a half-time basis and expenses for special needs services in the case of a special needs beneficiary which are incurred in connection with the enrollment or attendance of the special needs beneficiary at the institution of higher education where the beneficiary is enrolled.

  • Permanent Disability - means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration. An individual shall not be considered to have a permanent disability unless the individual furnishes proof of the existence thereof from a health care professional in such form and manner as the Board may require. Any finding of a permanent disability must be approved by the Board.

  • Purchaser - means the individual, association, corporation trust or other organized entity who entered into the Contract for the purchase of a Tuition Unit or Units on behalf of the Beneficiary. Only one (1) individual, association, corporation, trust or other organized entity may be named as the Contract Purchaser.

  • Tennessee Resident - means a person who has a continuous physical presence and maintenance of a dwelling place within the State of Tennessee for at least twelve (12) months immediately prior to entering into a tuition contract hereunder, provided that absence from the State for short periods of time shall not affect the establishment of a residence. A minor child shall be deemed a Tennessee resident if the child's legal guardian, or noncustodial parent is a resident of Tennessee. Millitary or diplomatic personnel whose home of record is Tennessee shall also be deemed Tennessee residents for purposes of the rules.

  • Termination - means a discontinuance of the right to receive Tuition payments or other benefits under the Contract.

  • Term/Date Range - means the term for which you are requesting BEST funding.

  • Tuition - means the charges imposed to attend an Institution of Higher Education as an undergraduate, graduate, or professional student and all mandatory fees required as a condition of enrollment for all students attending the Institution of Higher Education in which the Beneficiary is enrolled. Fees, which are considered to be mandatory fees, are defined by the Institution of Higher Education in which the Beneficiary is enrolled. Mandatory fees do not include college application fees, entrance fees, orientation fees, out-of-state residency fees or other similar fees and charges.

  • Tuition Unit - means a unit of the BEST Prepaid College Tuition Plan purchased under the Contract on behalf of the Beneficiary at the price determined by the Board for the year in which the Tuition Unit is purchased. Each Tuition Unit purchased on behalf of the Beneficiary shall entitle the Beneficiary to an amount equal to one percent (1%) of the Weighted Average Tuition during the Academic Term in which it is used

  • Weighted Average Tuition (WAT) - average cost of a year's tuition and mandatory fees at all the four-year public universities in Tennessee adjusted based on attendance at each school.