(a) Levy, execution and security for loans.--A tuition account or any legal interest therein shall not be subject to attachment, levy or execution by any creditor of an account owner or beneficiary and shall not be used as security for a loan.

(b) Period of participation.--Notwithstanding any of the provisions of this chapter, the following shall apply:

(c) Student aid.--Any amounts contributed pursuant to a Tuition Account Program Contract and any increase in the value thereof shall not be used in calculating personal asset contributions for determining eligibility and need for student loan programs, student grant programs or other student aid programs administered by any agency of the Commonwealth, except as otherwise may be provided by Federal law.

(d) Excess contributions.--The department shall institute adequate safeguards to prevent contributions to an account or multiple accounts that are in excess of those necessary to provide for the qualified higher education expenses of the beneficiary of that account or accounts, as specified in section 529 of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 529).

(e) Cash contributions.--A contribution made pursuant to a Tuition Account Program Contract may only be made in cash, which may at the department's discretion include checks, money orders, credit cards or other similar methods.

(f) Transfers between programs.--The department, pursuant to a Tuition Account Program Contract, may specify the terms and conditions under which transfers of contributions and any increased value thereof may be made from one account to another by an account owner who has entered into a Tuition Account Guaranteed Savings Program Contract and a Tuition Account Investment Program Contract. Nothing in this subsection shall be construed to require the department to allow such transfers.