Failure to make any payment within 30 days of the due date shall result in default by the purchaser. A purchaser may reinstate the status of its prepaid tuition contract in good standing within 180 days of the default, subject to payment of all delinquent amounts and any fees specified in the board's fee schedule, provided that if no payments are received within 120 days of the first payment due date of the contract, the contract is not eligible for reinstatement. A contract that has not been so reinstated shall be terminated.