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September 1, 2011

Texas Tuition Promise Fund Enrollment Opens Sept. 1

(AUSTIN) — The annual enrollment period for the Texas Tuition Promise Fund, the state’s prepaid college tuition program begins Sept. 1 and runs through Feb. 29, 2012. For parents who are concerned about squeezing college savings into a tight family budget, the Texas Tuition Promise Fund may be the answer.

“This program helps ease parents’ worries about rising college costs by letting them prepay all or part of their children’s undergraduate tuition and required fees at Texas public colleges or universities at today’s prices,” said Texas Comptroller Susan Combs.

Families enrolled in the Texas Tuition Promise Fund purchase prepaid “units” that can later be used toward undergraduate tuition and required fees at schools ranging from Texas public community colleges to four-year, in-state universities. Prices are based on 2011-12 academic year costs for the state’s public colleges.

  • Type I units, priced for tuition and required fees for the most expensive public four-year school in Texas, cost $111.68 per unit.
  • Type II units, based on the weighted average cost of tuition and required fees across all Texas public four-year schools, cost $79.70 per unit.
  • Type III units, priced at the weighted average cost of tuition and required fees across all Texas public two-year schools, cost $20.54 each.

Under the plan, 100 units equal one academic year consisting of 30 semester hours of tuition and required fees at the Texas public school that most closely matches the pricing base. Families can prepay for up to six years (600 Type I units or the equivalent amount of Type II and III units) of undergraduate tuition and required fees. The plan’s payment options include lump sum payments, installment payments that include 8 percent interest or a pay-as-you go plan that allows parents to gradually add more units when the family budget allows. Payments start as low as $15 after an account is established by paying a one-time fee of $25 and purchasing at least one unit.

“With its flexibility and affordable payment plans, the Texas Tuition Promise Fund helps families achieve their education savings goal – whether it is a four-year college degree or a community college training program to gain the technical skills needed for good, well-paying jobs,” Combs said.

For more information about the prepaid college tuition program, including a college cost calculator, go to www.TexasTuitionPromiseFund.com or call (800) 445-GRAD (4723), Option 5.

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