(a) A prepaid tuition contract remains in effect after the program is terminated if, when the program is terminated, the beneficiary:
(1) has been accepted by or is enrolled at a general academic teaching institution, two-year institution of higher education, private or independent institution of higher education, medical and dental unit, career school, accredited out-of-state institution of higher education, or registered apprenticeship program; or
(2) is projected to graduate from high school not later than the third anniversary of the date the program is terminated.
(b) A prepaid tuition contract terminates when the program is terminated if the contract does not remain in effect under Subsection (a).