For Immediate Release
September 30, 2008
Good News: Texas Has a New Prepaid Tuition Plan for All Families
By Susan Combs
Texas Comptroller of Public Accounts
The state of Texas has exciting news for families wanting to save for their children’s college education. You can lay the foundation for your child’s education in an easy and affordable way with the Texas Tuition Promise Fund — a new prepaid college tuition program that lets families start paying for college tuition now, based on prices determined by today’s tuition rates.
Some families may think college is unattainable because of the costs involved. But with the Texas Tuition Promise Fund, families from all economic backgrounds can choose from a variety of options to save for their children’s college education. The Texas Tuition Promise Fund lets you decide how much you can afford, while sheltering you from rising tuition costs.
You can purchase just a few hours or a semester at a community college or as much as six years of resident tuition and required fees at the most expensive public university in Texas. You can spread your payments out until your child graduates from high school, pay for your purchase all at once or buy additional hours as your budget allows.
Best of all, the program offers a wide range of flexibility. Your child can use prepaid tuition benefits at more than 100 Texas public universities and community colleges. Payments into the plan can also be used if your child goes to an out-of-state or private university, with students and their families making up the difference in cost.
Also, If your child receives a scholarship, you can roll over your Texas Tuition Promise Fund account to a 529 college savings plan, such as the Texas College Savings Plan; that money can then be used for graduate school, books or room and board. You can also transfer any unused tuition benefits to another child or receive a refund. It’s that flexible.
The most important benefit of the Texas Tuition Promise Fund is that your child will have the opportunity to get the education and skills needed for the best jobs in our changing Texas economy. Prepaying tuition will help pave the way for your child’s success.
You may enroll in the Texas Tuition Promise Fund any time between Sept. 1 and Feb. 28 (Feb. 29 in leap years). The enrollment period extends through July 31 for children under one year of age.
To get started with the Texas Tuition Promise Fund, visit our new Web portal at www.everychanceeverytexan.org for all the details on paying and saving for college.