1700-05-03-.02
Eligibility Requirements
Cite as Tenn. Comp. R. & Regs. 1700-05-03-.02
(1)
The Purchaser must file an application for the Matching contribution in accordance with Rule
1700-05-03-.03 during the applicable Qualifying period.
(2)
The Purchaser must have an Account with the Eligible college savings program pursuant to
the rules contained in Chapter 1700-05-04 Educational Savings Plan for the Beneficiary listed
on the application at the end of the Qualifying period and on the date the Matching
contribution is deposited into the Matching contribution account.
(3)
An amount equal to or greater than the Minimum contribution established in Rule 1700-05-
03-.07 must have been contributed to the Account during the Qualifying period.
(4)
The Purchaser and the Beneficiary of the Account must be Tennessee residents at the time
the application is filed with the Board.
(5)
The Beneficiary must be less than age fifteen (15) at the time the application is filed with the
Board;
COLLEGE SAVINGS INCENTIVE PLAN
CHAPTER 1700-05-03
(6)
The Purchaser must be a Member of the family of the Beneficiary.
(7)
In addition to the eligibility requirements contained in paragraphs (1) through (6) of this rule,
Purchasers who are applying to participate in the Matching grant incentive program are
required to meet the income limits established by the Board for the Purchaser’s Household in
order to receive the matching contribution. In addition, the Purchaser shall not be claimed as
a dependent on someone else’s income tax return. The Board shall establish the income
limits based on income standards that may be amended from time to time, including, but not
limited to the following:
(a)
Federal poverty guidelines;
(b)
Federal poverty thresholds;
(c)
Federal Income Eligibility Guidelines for free and reduced meals; and/or
(d)
Federal Department of Health and Human Services poverty guidelines.
(8)
The Board shall consider factors in determining which standard will be used to establish the
income limits for eligibility in the Matching grant incentive program, which include, but are not
limited to, any or all of the following:
(a)
The amount of fund appropriations;
(b)
The number of program Purchasers; and/or
(c)
The anticipated participation level in the program.