NAC353B.205. Provision of benefits: Annual determination of amount; formula for conversion to semester credit hours; payment directly to eligible educational institution.

     1. The Board will annually determine the amount of benefits to be paid to an eligible educational institution for a qualified beneficiary pursuant to a contract based upon the tuition charged per semester credit hour at the state universities, state colleges and state community colleges.

     2. If an eligible educational institution charges students using a method other than semester credit hours, the Board will convert that method into semester credit hours to determine the number of semester credit hours that are eligible for the payment of benefits under the contract in the following manner:

     (a) For an institution that enrolls students in a semester or tri-semester program based upon clock hours, by dividing the total clock hours in the program by 30.

     (b) For an institution that enrolls students in a quarter-hour program based upon clock hours, by dividing the total number of clock hours in the program by 20.

     3. The payment of benefits pursuant to the contract must be remitted directly to the eligible educational institution in which the qualified beneficiary is enrolled.

     (Added to NAC by Bd. of Trustees of College Savings Plans of Nev. by R055-09, eff. 10-27-2009)