Private College 529

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Glossary


Account

Account means the account that is established under the Plan to record your purchases, redemptions and refunds of Private College 529 Plan Tuition Certificates.

Beneficiary

The Beneficiary, often a child, is the person named by the Purchaser in the Enrollment Form (or in a Change of Beneficiary form) to be the recipient of the benefits provided by Tuition Certificates purchased under the Plan.

Code

The Internal Revenue Code of 1986, as amended, together with the Treasury regulations, pronouncements and publications.

Enrollment Agreement

The Enrollment Agreement is the agreement between you and TPC, as it may be amended from time to time, which sets forth the terms and conditions of the Plan with respect to Tuition Certificates that you purchase under the Plan. It includes your accepted Account Application. The Enrollment Form is incorporated into the Disclosure Statement as Appendix A.

Enrollment Form

The Enrollment Form is completed and submitted with payment to participate in a plan. It incorporates by reference the Plan's Disclosure Statement Upon its acceptance, the Enrollment Form forms a part of the Enrollment Agreement. The Enrollment Form can be downloaded here.

Family Member

For purposes of changing the Beneficiary, the definition of a "member of the family" of the Beneficiary includes biological and step parents, aunts, uncles, siblings, children, first cousins, nieces and nephews; parents, siblings, children, nieces and nephews by marriage; legally adopted children; and half-brothers or half-sisters.

IRS

The IRS is the United States Internal Revenue Service.

Mandatory Fees

Fees that are required to be paid by all full-time undergraduate students as a condition of enrollment. Mandatory fees may be different at each participating school. Mandatory fees, however, do not include the cost of books, supplies, room or board-even if required by the participating school.

OFI Private Investments Inc

OFI Private Investments Inc. is a subsidiary of OppenheimerFunds, Inc., one of the nation's largest and most respected asset management companies with over 50 years of financial industry experience.

OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. The products and services of OppenheimerFunds, Inc. and its subsidiaries include mutual funds, qualified retirement plans for individuals and corporations, 529 college savings plans, investment management for institutions, and sub-advisory services.

Participating Institution

A private college or university that is a member of the Tuition Plan Consortium (TPC) and contracted to accept Private College 529 Plan Tuition Certificates.

Plan

The Private College 529 Plan.

Program Manager

The entity that provides administrative and other services for the Plan. The current Program Manager is OFI Private Investments Inc., a subsidiary of OppenheimerFunds, Inc.

Program Trust

The Internal Revenue Code Section 529 qualified trust established by TPC to hold and maintain the assets of the Plan.

Program Trustee

The person or entity that TPC engages as trustee of the Program Trust. The current Program Trustee is OFI Trust Company, a subsidiary of OppenheimerFunds, Inc.

Program Year 

The 12-month period beginning on July 1 and ending on the following June 30.

Purchaser

The person whose Enrollment Form is accepted and who purchases a Tuition Certificate.

Qualified Higher Education Expenses

Qualified expenses include tuition, fees, and the cost of books, supplies and equipment required for enrollment and attendance at accredited post-secondary educational institutions and certain room and board expenses. Qualified expenses also include certain additional enrollment and attendant costs for special needs beneficiaries.

Refund Amount

The amount refunded to a Purchaser upon cancellation or expiration of a Tuition Certificate.

Section 529

Section 529 of the Internal Revenue Code is the section that specifies the requirements for tax-favored college savings programs.

Successor Owner

The Successor Owner is the person designated by the Purchaser on the Enrollment Form to succeed to ownership of the Tuition Certificates upon the Purchaser's death, in accordance with the terms and provisions of the Enrollment Agreement.

Tax Parity 

Many states provide tax deductions or benefits for taxpayers to invest in the state-sponsored 529 plan, while taxing out-of-state 529 plans. States with tax parity laws make contributions made to any 529 college savings plan eligible for a state tax deduction. Check with your tax advisor to see if your state offers tax parity for contributions to the PC529 Plan.

Tuition

The amount of tuition required to be paid by undergraduate students for full-time attendance at a Participating Institution.

Tuition Plan Consortium, LLC (TPC)

A not-for-profit Delaware limited liability company, which is the Sponsor and Administrator of the Plan.

Tuition Certificate

All payments that you make to the Plan for a single Beneficiary during a single Program Year will be aggregated and recorded as the purchase of a single Tuition Certificate under an Account.

Tuition Rate

The tuition charged, as determined each Program Year by a Participating Institution, to Beneficiaries who enroll at the Participating Institution and redeem Tuition Certificates purchased during that Program Year to pay for Tuition.

UGMA/UTMA

The Uniform Gifts to Minors Act or Uniform Transfers to Minors Act. Control over money in an UGMA/UTMA account automatically is transferred to the beneficiary when he or she reaches the age of majority, usually 18 or 21, depending on state law.

FAQs

Q: How can I make a gift contribution to a child's Private College 529 Plan account?

A: Complete the Contribution Coupon and send it, along with a bank check made payable to Private College 529 Plan, to the address on the form. Contributions must be $25 or more per account.

Then, download and print a gift certificate, Gifting Acknowledgment, add a personal message and present it to your child or a loved one.

View all FAQs



Private College 529 Plan is established and maintained by Tuition Plan Consortium, LLC. OFI Private Investments Inc., a subsidiary of OppenheimerFunds, Inc., is the program manager. Participation in the Plan does not guarantee admission to any college or university, nor does it affect the admissions process. Tuition certificates are not insured or guaranteed by the FDIC, TPC, any governmental agency or OFI Private Investments Inc. or its affiliates. Purchasers should carefully consider the risks associated with purchases and refunds of tuition certificates. The Disclosure Statement, including the Enrollment Agreement, contains this and other information about the Plan, and may be obtained by visiting privatecollege529.com or calling 1.888.718.7878. Purchasers should read these documents carefully before purchasing a tuition certificate.
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