3334-1-11 Withdrawals and payments for qualified higher education expenses.

(A) The account owner or a beneficiary who owns and controls an account under one of the authority's college savings programs shall notify the authority as to his or her intent to use his or her tuition credits, tuition units and/or program units/ shares for an upcoming specific academic term (i.e. quarter, semester, trimester or summer term) to pay the qualified higher education expenses as defined in divisions (H) and (P) of section 3334.01 of the Revised Code of the contract's designated beneficiary, by completion of a qualified withdrawal form provided by the authority.

(B) Distributions made pursuant to paragraph (A) of this rule shall be made using one or more of the following methods at the discretion of the authority:

(1) Distribution directly to the eligible education institution;

(2) Distribution payable to the account owner or to the beneficiary provided, however, that if the beneficiary is under the age of eighteen years, then the authority may require satisfactory documentation prior to making the distribution.

Replaces: 3334-1-07, 3334-1-09

Effective: 08/21/2006
R.C. 119.032 review dates: 08/21/2011
Promulgated Under: 111.15
Statutory Authority: R.C. 3334.08
Rule Amplifies: R.C. 3334.08 , 3334.09
Prior Effective Dates: 7/25/98, 10/08/01 (as to rescinded 3334-1-07) and 10/13/00 (as to rescinded 3334-1-09)