(a) Nothing in this part nor in a tuition contract entered into pursuant to this part shall be construed as a promise or guarantee by the state, the board or any institution of higher education that a beneficiary will:
(1) Be admitted to an institution of higher education or to a particular institution of higher education;
(2) Be allowed to continue to attend an institution of higher education after having been admitted; or
(3) Graduate from an institution of higher education.
(b) Each tuition unit purchased under an educational services plan tuition contract shall cover the cost of the beneficiary's tuition in an amount no greater than one percent (1%) of the weighted average tuition in effect at Tennessee's four-year public universities at the time of use. There is no guarantee by the board, the state, the program or anyone that the contributions, together with the investment return on the contributions, if any, earned on the educational investment trust account will be adequate to pay qualified higher education expenses incurred for the beneficiary or that the amounts contributed to any such account is guaranteed or insured.
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