As used in this article, the term:

(1) "Advance tuition payment contract" means a contract entered into by the trust and a purchaser pursuant to this article to provide for the higher education of a qualified beneficiary.

(2) "Board" means the board of commissioners of the Georgia Student Finance Commission described in Code Section 20-3-234.

(3) "Fund" means the advance tuition payment fund created within the Georgia Education Trust as provided in Code Section 20-3-608.

(4) "Purchaser" means a person who makes or is obligated to make advance tuition payments pursuant to an advance tuition payment contract.

(5) "Qualified beneficiary" means any resident of this state.

(6) "State institution of higher education" means any four-year college or university within the University System of Georgia.

(7) "Trust" or "trust fund" means the Georgia Education Trust created in Code Section 20-3-604.

(8) "Weighted average tuition cost of state institutions of higher education" means the tuition cost arrived at by adding the products of the annual undergraduate in-state tuition cost at each state institution of higher education and its total number of undergraduate fiscal year equated students and then dividing the gross total of this cumulation by the total number of undergraduate fiscal year equated students attending state institutions of higher education.