Open Enrollment in Texas Tuition Promise Fund® Begins Today
(AUSTIN) — Open enrollment in the Texas Tuition Promise Fund®, the state’s prepaid college tuition program, begins today, Sept. 1, and runs through Feb. 28, 2017. Texas Comptroller Glenn Hegar reminds families that the Texas Tuition Promise Fund offers parents and loved ones the chance to prepay a child’s education at Texas public colleges and universities at today’s prices.
“Giving your child the opportunity to pursue a college education is one of the most important decisions you can make for your family,” Hegar said. “A Texas Tuition Promise Fund account is a good way to start paying for future college expenses. The sooner you start, the more affordable a Texas public college education can be.”
Participants in the Texas Tuition Promise Fund purchase prepaid “tuition units” that can later be used toward resident undergraduate tuition and schoolwide required fees at Texas public colleges and universities. The 2016-17 academic year costs for the state’s public colleges and universities is the base for prices.
Type I units, priced for resident undergraduate tuition and schoolwide required fees at the most expensive Texas public four-year university, cost $135.22 per unit.
Type II units, based on the weighted average cost of resident undergraduate tuition and schoolwide required fees across all Texas public four-year schools, cost $94.66 per unit.
Type III units, priced at the weighted average cost of in-district tuition and school-wide required fees across all Texas public two-year community colleges, cost $23.89 per unit.
Under the plan, 100 units equal roughly one academic year consisting of 30 semester hours of resident undergraduate tuition and schoolwide required fees at the Texas public school that most closely matches the group’s pricing base. Participants can purchase up to 600 Type I units — approximately six academic years — or the dollar equivalent of Type II or III units.
The plan’s payment options include lump sum payments, installment payments that include 8 percent interest or a pay-as-you-go option that allows participants to add more units when the family budget allows gradually. Payments can be as low as $15 after establishing an account by purchasing at least one unit. Enrollment requires a one-time application fee of $25.
For more information about the prepaid college tuition program, including a calculator that provides information on the type and number of units currently needed for any Texas public college or university, go to TuitionPromise.org or call 1-800-445-GRAD (4723), Option 5.
Purchasers should carefully consider the risks, administrative fees, service and other charges and expenses associated with the contracts, including plan termination and decreased transfer or refund value. The Plan Description and Master Agreement contains this and other information about the Plan and may be obtained by visiting the website or calling 1-800-445-GRAD (4723), Option 5. Purchasers should read these documents carefully before purchasing a contract. Participation in the plan does not guarantee admission to any college or university.
Comments or complaints may be forwarded to the Prepaid Higher Education Tuition Program, Office of the Comptroller of Public Accounts at P.O. Box 13407, Austin, Texas 78711-3407, or by calling 512-936-2064.