Karl Spain, 2000; Donald C. Linton, 2001; Richard C. Hackney, Jr., 2002; one vacancy.
Ex officio: William Donald Schaefer, Comptroller of the Treasury; Richard N. Dixon, State Treasurer; Karen R. Johnson, Secretary of Higher Education; Nancy S. Grasmick, Ph.D., State Superintendent of Schools.
Joan Marshall, Executive Director
Staff: Ellen Markowitz
217 East Redwood St., Suite 1350
Baltimore, MD 21202
1-888-4MDGRAD (1-888-463-4723) (toll free, Maryland)
fax: (410) 333-2295
The Maryland Higher Education Investment Program Board was created in 1997 (Chapters 110, 111, Acts of 1997). The Board oversees the Maryland Higher Education Investment Program and the Maryland Prepaid College Trust (the marketing name for the Program). The Trust was established by the Board in 1997 to hold Program investments. Under the Program, Maryland residents may prepay tuition for a college education (Code Education Article, secs. 18-1901 through 18-1916).
The Program is designed to pay the equivalent of the in-state student tuition and mandatory fees at Maryland public colleges and universities. This is accomplished through the purchase of tuition contracts by which the purchaser enters into a contract with the Board and makes payments in advance of enrollment. Benefits also may be applied to the tuition costs at any accredited private or out-of-state college. Room and board or dormitory fees are not covered, nor are many other expenses, such as books, transportation, health insurance, or lab fees.
The Maryland Higher Education Investment Program Board consists of nine members. Five are appointed to four-year terms by the Governor. Four serve ex officio.
July 18, 2000
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