Comptroller offers prepaid tuition fund
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, has been announced by State Comptroller Susan Combs.
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 families decide how much they can afford, while sheltering them from rising tuition costs.
Families may purchase 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. Payments may be spread out until a child graduates from high school, paid for all at once or additional hours may be bought as budgets allow.
The program offers a wide range of flexibility. Prepaid tuition benefits may be used at more than 100 Texas public universities and community colleges. Payments into the plan can also be used if a child goes to an outof state or private university, with students and their families making up the difference in cost.
Also, if a child receives a scholarship, the Texas Tuition Promise Fund account may be rolled over 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. Any unused tuition benefits may be transferred to another child or the family can receive a refund.
Parents may enroll their children 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 www.everychanceeverytexan. org for all the details on paying and saving for college.