(a) Pursuant to the Education Code, Chapter 54, Subchapter F, the Prepaid Higher Education Tuition Board is responsible for developing the Prepaid Higher Education Tuition Program to increase access to higher education for Texas families. The program will provide a mechanism through which the cost of tuition and required fees may be paid in advance of enrollment in an institution of higher education or a private or independent institution of higher education. Promulgation of these rules will inform the public and provide an orderly procedure to accomplish the responsibilities provided by law.     
      (b) Higher Education Savings Plan.      
        (1) The board develops, implements, and administers the higher education savings plan under Education Code, §54.602(b) and Education Code, Chapter 54, Subchapter G.       
        (2) The higher education savings plan enables individuals to contribute to an account that is established for the purpose of meeting the qualified higher education expenses of a beneficiary.       
        (3) This subchapter and subchapter K of this chapter inform the public about the savings plan.       
      (c) Prepaid Tuition Unit Undergraduate Education Program: Texas Tomorrow Fund II.      
        (1) The board develops, implements, and administers the prepaid tuition unit undergraduate education program under Education Code, Chapter 54, Subchapter H.       
        (2) The prepaid tuition unit undergraduate education program enables individuals to enter into a prepaid tuition contract with the board on behalf of a beneficiary for the purchase of one or more tuition units that the beneficiary is entitled to apply to the payment of the beneficiary's undergraduate tuition and required fees at an eligible educational institution.       
        (3) This subchapter and Subchapter L of this chapter inform the public about the prepaid tuition unit undergraduate education program.       
      (d) Board. This chapter provides an orderly procedure to accomplish the board's responsibilities.     
     Source Note:        The provisions of this §7.1 adopted to be effective January 8, 1996, 20 TexReg 11124; amended to be effective July 14, 2002, 27 TexReg 6040; amended to be effective August 27, 2008, 33 TexReg 6954