(AUSTIN) — Texas families can lock in today’s cost of undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities by enrolling their children in the tax-advantaged Texas Tuition Promise Fund® before the close of the current general enrollment period on Feb. 28.*
“I’m encouraging Texas families and individuals to remember the upcoming deadline to prepay and lock in today’s rates for all or some future tuition at two- and four-year Texas public colleges and universities,” Texas Comptroller Glenn Hegar said. “It’s never too late to start planning for a child’s college education. Families will find that when it comes to planning for their children’s future education, every little bit adds up.”
The Texas Tuition Promise Fund, the state’s prepaid college tuition program, allows participants to prepay undergraduate resident tuition and schoolwide required fees by purchasing tuition units for a four-year degree, two years of community college or just a few semesters. For additional flexibility and portability, the plan also can be used at Texas medical and dental institutions; Texas private colleges and universities; out-of-state colleges and universities; career schools; and registered apprenticeship programs, where tuition and schoolwide required fees are not locked in and the benefits and payouts would be based on Transfer Value.**
To enroll children younger than 1 in the program at 2021-22 prices, the deadline is July 31. The next general enrollment period begins on Sept. 1, with new contract prices based on Texas public college tuition and schoolwide required fee costs for the 2022-23 academic year.
Complete plan information — including residency and other requirements, current prices, enrollment forms and more — is available online at TuitionPromise.org, or by calling 800-445-GRAD (4723), option 5.
The program’s outreach team also offers free webinars that provide an overview of the plan and discuss the different tuition unit types and payment options, as well as provide information about Texas Match the Promise Foundation℠ matching scholarship opportunities.***
* Residency restrictions apply.
** Transfer Value applies to tuition redemption at Texas medical and dental schools, Texas private colleges and universities, out-of-state colleges and universities, career schools, and registered apprenticeship programs. Transfer Value is limited to the lesser of (1) the costs the tuition unit would cover at a public college or university or (2) the original purchase price of the tuition unit plus or minus the Plan’s net investment earnings or losses on that amount.
*** Residency restrictions, age requirements, eligibility criteria, household income restrictions and contribution requirements apply. Match the Promise Foundation scholarships can only be used at Texas public colleges and universities, and Transfer Value cannot be utilized.
The Texas Tuition Promise Fund® (“Plan”) is administered by the Texas Prepaid Higher Education Tuition Board (“Board”) and Orion Advisor Solutions, Inc. is the plan manager. The Plan and the Board do not provide legal, financial, or tax advice and participants in the Plan should consult a legal, financial, or tax advisor prior to purchasing a contract.
Participation in the Plan does not guarantee admission to or graduation from any college or university. Only the purchaser may direct redemptions, withdrawals, changes in beneficiary, or other contract changes. Non-residents of Texas should consider whether their home state, or the beneficiary’s home state, offers residents any tax or other state benefits, such as financial aid, scholarship funds, and protection from creditors, that are only available for participants in that state’s plan.
You may lose money by participating in the Plan. No part of a contract is a deposit or obligation of, or is guaranteed or insured by, the Board, the state of Texas, or any agency or agent thereof. The contracts have not been registered with or approved by the SEC or any state. Purchasers should carefully consider the risks, fees, charges, and expenses associated with contracts, including Plan termination and reduced Transfer or Refund Value. The Plan Description and Master Agreement contains this and other information about the Plan and may be obtained by visiting TuitionPromise.org or calling 800-445-GRAD (4723), option 5.
Purchasers should read all Plan documents carefully before purchasing a contract.