The advance payment contract shall specify one of the payment options specified under this section to be required from the purchaser on behalf of the beneficiary. The one - time advance payment shall be made in cash or cash equivalents at the time the contract is signed. The executive director shall annually determine the amount of the one - time advance payment for each of the following payment options: (1) Not to exceed four academic semesters of resident tuition, room and board at any state - supported university; (2) Not to exceed four academic semesters of nonresident tuition, room and board at any state - supported university; (3) Not to exceed four academic semesters of resident tuition at any state - supported university; or (4) Not to exceed four academic semesters of nonresident tuition at any state - supported university.
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