Tennessee Baccalaureate Education System Trust (TN BEST): Tuition Prepayment Plan
TN BEST was created by the 99th Tennessee General Assembly to make higher
education more affordable to the citizens of Tennessee. TN BEST allows
any person to pay for future college tuition and mandatory fees now through
the purchase of affordable tuition units. Tuition units may be used at
private and out-of-state institutions as well as Tennessee's public universities,
and anyone who wants to set up a TN BEST plan for a child residing in
Tennessee can participate. The IRS has ruled that the student is liable
for federal taxes on the difference between the amount paid for the units
and the payout value of the units when the units are used by the student.
TN BEST is administered by the State of Tennessee Treasury Department
and more information is available through their Toll-Free Number: 1-888-486-BEST
(2378), 1-866-584-0441, or on-line at http://www.tnbest.org.
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