Texas Education Code 54.803 – Initial Eligibility for Participation in Program
(a) To be initially eligible to participate in the program, a beneficiary, at the time a prepaid tuition contract is entered into on the beneficiary’s behalf under Subchapter H or a savings trust account is opened on the beneficiary’s behalf under Subchapter G, as applicable, must be:
(1) a resident of this state; or
(2) a dependent for purposes of Section 152, Internal Revenue Code of 1986, of a resident of this state.
(b) To be initially eligible to receive matching funds described by § 54.802(a)(2) under the program, a beneficiary, at the time a prepaid tuition contract is entered into on the beneficiary’s behalf under Subchapter H, or a savings trust account is opened on the beneficiary’s behalf under Subchapter G, as applicable, must be eligible for free meals under the national free or reduced-price breakfast and lunch program.
Terms Used In Texas Education Code 54.803
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC