16.24(1)
(1)
Definitions. In this section:
16.24(1)(a)
(a) "Board" means the board of regents of the University of Wisconsin System.
16.24(1)(b)
(b) "Institution of higher education" means a public or private institution of higher education that is accredited by an accrediting association recognized by the department, and a proprietary school approved by the educational approval board under
s. 39.51.
16.24(2)
(2) Weighted average tuition; tuition unit cost. Annually, the department and the board jointly shall determine all of the following:
16.24(2)(a)
(a) The weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the academic year that begins on or after the first day of August of the current year. The amount shall be calculated as follows:
16.24(2)(a)1.
1. For each such institution, multiply the tuition charged a full-time undergraduate who is a resident of this state by the number of full-time equivalent resident undergraduates attending the institution.
16.24(2)(a)3.
3. Divide the sum under
subd. 2. by the total number of full-time equivalent resident undergraduates attending such institutions.
16.24(2)(b)
(b) The price of a tuition unit, which shall be valid for a period determined jointly by the department and the board. The price shall be sufficient to ensure the ability of the department to meet its obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1% of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.
16.24(3)
(3) Tuition prepayment contracts. 16.24(3)(a)(a) The department shall contract with an individual, a trust or a legal guardian for the sale of tuition units to that individual, trust or legal guardian if all of the following apply:
16.24(3)(a)1.
1. The purchaser pays a $50 nonrefundable enrollment fee.
16.24(3)(a)2.
2. The purchaser is purchasing the tuition units on behalf of a beneficiary named in the contract.
16.24(3)(a)3.
3. When the contract is executed, at least one of the following applies:
16.24(3)(a)3.b.
b. If the purchaser is an individual, he or she is a resident of this state.
16.24(3)(a)3.c.
c. If the purchaser is a legal guardian that is not an individual, the legal guardian is organized under the laws of this state.
16.24(3)(a)3.d.
d. If the purchaser is a trust, the trust is created under the laws of this state.
16.24(3)(a)4.b.
b. If the purchaser is an individual, the beneficiary is the child, grandchild, nephew or niece of the individual or is a child who is under the legal guardianship of the individual.
16.24(3)(a)4.c.
c. If the purchaser is a legal guardian that is not an individual, the beneficiary is a child who is under the legal guardianship of the legal guardian.
16.24(3)(a)4.d.
d. If the purchaser is a trust, the beneficiary is the beneficiary of the trust.
16.24(3)(b)
(b) The contract shall specify the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education.
16.24(3)(d)
(d) The department shall promulgate rules authorizing a person who has entered into a contract under this subsection to change the beneficiary named in the contract.
16.24(4)
(4) Number of tuition units purchased. A person who enters into a contract under
sub. (3) may purchase tuition units at any time and in any number, except that the total number of tuition units purchased on behalf of a single beneficiary may not exceed the number necessary to pay for 4 years of full-time attendance, including mandatory student fees, as a resident undergraduate at the institution within the University of Wisconsin System that has the highest resident undergraduate tuition, as determined by the department, in the anticipated academic years of their use.
16.24(5)(a)(a) Except as provided in
sub. (7m), if an individual named as beneficiary in a contract under
sub. (3) attends an institution of higher education in the United States, each tuition unit purchased on his or her behalf entitles that beneficiary to apply toward the payment of tuition at the institution an amount equal to 1% of the anticipated weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the year of attendance, as estimated under
sub. (2) in the year in which the tuition unit was purchased.
16.24(5)(b)
(b) Upon request by the beneficiary, the department shall pay to the institution in each semester of attendance the lesser of the following:
16.24(5)(b)1.
1. An amount equal to the value of each tuition unit, as determined under
par. (a), multiplied by the number of tuition units purchased on behalf of the beneficiary and not used.
16.24(5)(b)2.
2. An amount equal to the institution's tuition for that semester.
16.24(6)(a)(a) A contract under
sub. (3) may be terminated by the person entering into the contract if any of the following occurs:
16.24(6)(a)1.
1. The beneficiary dies or is permanently disabled.
16.24(6)(a)2.
2. The beneficiary graduates from high school but is unable to gain admission to an institution of higher education after a good faith effort.
16.24(6)(a)3.
3. The beneficiary attended an institution of higher education but involuntarily failed to complete the program in which he or she was enrolled.
16.24(6)(a)4.
4. The beneficiary is at least 18 years old and one of the following applies:
16.24(6)(a)4.b.
b. The beneficiary has decided not to attend an institution of higher education.
16.24(6)(a)4.c.
c. The beneficiary attended an institution of higher education but voluntarily withdrew without completing the program in which he or she was enrolled.
16.24(6)(a)5.
5. Other circumstances determined by the department to be grounds for termination.
16.24(6)(b)
(b) The department shall terminate a contract under
sub. (3) if any of the tuition units purchased under the contract remain unused 10 years after the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education, as specified in the contract.
16.24(7)(a)(a) Except as provided in
sub. (7m), the department shall do all of the following:
16.24(7)(a)1.
1. When a beneficiary completes the program in which he or she is enrolled, if the beneficiary has not used all of the tuition units purchased on his or her behalf, refund to the person who entered into the contract an amount equal to 1% of the anticipated weighted average tuition in the academic year in which the beneficiary completed the program, as estimated under
sub. (2) in the year in which the tuition units were purchased, multiplied by the number of tuition units purchased by the person and not used by the beneficiary.
16.24(7)(a)2.
2. If a contract is terminated under
sub. (6) (a) 1.,
2. or
3., refund to the person who entered into the contract an amount equal to 1% of the anticipated weighted average tuition in the academic year in which the contract is terminated, as estimated under
sub. (2) in the year in which the tuition units were purchased, multiplied by the number of tuition units purchased by the person and not used by the beneficiary.
16.24(7)(a)3.
3. If a contract is terminated under
sub. (6) (a) 4. or
(b), refund to the person who entered into the contract an amount equal to 99% of the amount determined under
subd. 2. If a contract is terminated under
sub. (6) (a) 4., the department may not issue a refund for one year following receipt of the notice of termination and may not issue a refund of more than 100 tuition units in any year.
16.24(7)(a)4.
4. If a contract is terminated under
sub. (6) (a) 5., refund to the person who entered into the contract the amount under
subd. 2. or under
subd. 3., as determined by the department.
16.24(7)(a)5.
5. If the beneficiary is awarded a scholarship, tuition waiver or similar subsidy that cannot be converted into cash by the beneficiary, refund to the person who entered into the contract, upon the person's request, an amount equal to the value of the tuition units that are not needed because of the scholarship, waiver or similar subsidy and that would otherwise have been paid by the department on behalf of the beneficiary during the semester in which the beneficiary is enrolled.
16.24(7)(b)
(b) Except as provided under
par. (a) 3., the department shall determine the method and schedule for the payment of refunds under this subsection.
16.24(7m)
(7m) Tuition unit value adjustment; refund adjustment. 16.24(7m)(a)(a) The department may adjust the value of a tuition unit based on the actual earnings attributable to the tuition unit less the costs of administering the program under this section that are attributable to the tuition unit if any of the following applies:
16.24(7m)(a)1.
1. The individual named as the beneficiary in a contract under
sub. (3) wishes to use the tuition unit for the payment of tuition in a year other than the anticipated academic year of attendance, as specified in the contract.
16.24(7m)(a)2.
2. The individual named as the beneficiary in a contract under
sub. (3), or the person who entered into the contract, wishes to receive a refund under
sub. (7) in a year other than the anticipated academic year of the beneficiary's attendance, as specified in the contract.
16.24(7m)(b)
(b) The department may not increase the value of a tuition unit under
par. (a) to an amount that exceeds the value of a tuition unit that was purchased at a similar time, held for a similar period and used or refunded in the anticipated academic year of the beneficiary's attendance, as specified in the contract.
16.24(7m)(c)
(c) The department may promulgate rules imposing or increasing penalties for refunds under
sub. (7) (a) if the department determines that such rules are necessary to maintain the status of the program under this section as a qualified state tuition program under section
529 of the Internal Revenue Code, as defined in
s. 71.01 (6).
16.24(8)
(8) Exemption from garnishment, attachment and execution. Moneys deposited in the tuition trust fund and a beneficiary's right to the payment of tuition under this section are not subject to garnishment, attachment, execution or any other process of law.
16.24(9)
(9) Contract with actuary. The department shall contract with an actuary or actuarial firm to evaluate annually whether the assets in the tuition trust fund are sufficient to meet the obligations of the department under this section and to advise the department on setting the price of a tuition unit under
sub. (2) (b).
16.24(10)(a)(a) Annually, the department shall submit a report to the governor, and to the appropriate standing committees of the legislature under
s. 13.172 (3), on the program under this section. The report shall include any recommendations for changes to the program that the department determines are necessary to ensure the sufficiency of the tuition trust fund to meet the department's obligations under this section.
16.24(10)(b)
(b) The department shall submit a quarterly report to the state investment board projecting the future cash flow needs of the tuition trust fund. The state investment board shall invest moneys held in the tuition trust fund in investments with maturities and liquidity that are appropriate for the needs of the fund as reported by the department in its quarterly reports. All income derived from such investments shall be credited to the fund.
16.24(10m)
(10m) Repayment to general fund. The secretary shall transfer from the tuition trust fund to the general fund an amount equal to the amount encumbered from the appropriation under
s. 20.505 (9) (a) when the secretary determines that funds in the tuition trust fund are sufficient to make the transfer. The secretary may make the transfer in instalments.
16.24(11)(a)(a) Nothing in this section guarantees an individual's admission to, retention by or graduation from any institution of higher education.
16.24(11)(b)
(b) The requirements to pay tuition under
sub. (5) and to make refunds under
sub. (7) are subject to the availability of sufficient assets in the tuition trust fund.
16.24(12)
(12) Additional department duties and powers. 16.24(12)(a)(a) The department shall do all of the following:
16.24(12)(a)1.
1. Annually publish a list of the institutions of higher education located in this state and the number of tuition units necessary to pay for one year of full-time attendance as a resident undergraduate at each institution.
16.24(12)(a)3.
3. Promulgate rules to implement and administer this section.
16.24(12)(b)
(b) The department may do any of the following:
16.24(12)(b)1.
1. Contract with any person for the management and operation of the program or any part of the program under this section.
16.24(12)(b)2.
2. Keep personal and financial information pertaining to a purchaser of tuition units or a beneficiary of tuition units closed to the public.
16.24(13)
(13) Program termination. If the department determines that the program under this section is financially infeasible, the department shall discontinue entering into tuition prepayment contracts under
sub. (3) and discontinue selling tuition units under
sub. (4).
16.24 History
History: 1995 a. 403;
1997 a. 27,
158.
HOUSING ASSISTANCE
16.30
16.30
Definitions. In this subchapter:
16.30(1)
(1) "Community-based organization" means an organization operating in a specific geographic area that is organized primarily to provide housing opportunities for persons or families of low or moderate income, and that is one of the following:
16.30(1)(c)
(c) A federally recognized American Indian tribe or band in this state or an entity established by a federally recognized American Indian tribe or band.
16.30(2)
(2) "Housing authority" means any of the following:
16.30(2)(c)
(c) A housing authority organized by the elected governing body of a federally recognized American Indian tribe or band in this state.
16.30(3)
(3) "Housing costs" means whichever of the following applies:
16.30(3)(a)
(a) For housing occupied by the owner, any of the following:
16.30(3)(a)1.
1. The principal and interest on a mortgage loan that finances the purchase of the housing.
