(a) Public institutions.--The following public institutions of higher education shall participate in the Tuition Account Guaranteed Savings Program:

(b) Private institutions.--A private institution may enter into an agreement with the department through which the institution, under terms mutually agreeable to the institution and the department, agrees to be a private institution that account owners may choose when designating their tuition level pursuant to a Tuition Account Guaranteed Savings Program Contract. The terms of the agreement shall include, but not be limited to, the determination of tuition credit prices, terms of redemption of tuition credits at the institution, conversion of tuition credits contributed at other tuition levels to tuition at the institution and appropriate conversion of tuition credits to other educational expense credits.