Tennessee Code 49-7-803 – Purpose
Terms Used In Tennessee Code 49-7-803
- Educational investment plan: means a plan that permits an account owner to establish an educational investment trust account and one (1) or more contributors to make contributions to an educational investment trust account that is intended to be applied to an account beneficiary's qualified higher education expenses. See Tennessee Code 49-7-802
- Program: means the college savings trust fund program created in this part. See Tennessee Code 49-7-802
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Tuition: means the charges imposed to attend an institution of higher education as an undergraduate, graduate or professional student and all fees required as a condition of enrollment as determined by the board. See Tennessee Code 49-7-802
The Constitution of Tennessee, Article XI, § 12 manifests the intention of the citizens of this state that the advancement and improvement of higher education in this state is an essential governmental function and purpose of this state. Therefore, the general assembly finds that the creation of a trust program, as an agency and instrumentality of the state, to assist students or their families in financing a portion of the costs of attending colleges and universities will increase the number of students who will seek to attend a college or university, and will, therefore, advance and improve higher education in this state. It is, therefore, the legislative intent of this part to establish an educational trust program as an agency and instrumentality of the state to assist families in saving and investing for the qualified higher education expenses of attending an eligible educational institution, and thereby to encourage such students to attend such institutions. In establishing the program, it is further the intent of the general assembly to encourage timely financial planning for higher education by the creation of tuition contracts and the creation of educational investment plan accounts, and to provide assistance and incentives for college savings for the benefit of the children of the people of the state. It is the legislative intent that the program be funded from fees assessed in accordance with § 49-7-805(10).