Sept. 1, 2017 marked the first day of open enrollment in the Texas Tuition Promise Fund, the state’s prepaid college tuition program. The enrollment period ends Feb. 28, 2018. 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.
“A Texas Tuition Promise Fund account is an opportunity to start paying for future college expenses and is a good way to give your child a path to a college education,” says Texas Comptroller Glenn Hegar. “Planning for your child’s education today helps save money on tomorrow’s expenses.”
Participants purchase prepaid “tuition units” that can later be used toward undergraduate resident tuition and fees at Texas public colleges and universities. Prices are based on 2017-18 academic year costs for the state’s public colleges and universities.
Type I units, priced for the most expensive four-year university, cost $137.92 per unit. Type II units, based on the average cost of four-year schools, cost $97.90 per unit. Type III units, priced at the average cost of two-year community colleges, cost $25.05 per unit.
Under the plan, 100 units equal roughly one academic year. 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 with interest or a pay-as-you-go option. Enrollment requires a one-time application fee of $25 and the purchase of at least one tuition unit. Payments can be as low as $15 after an account is established.
For more information, visit TuitionPromise.org or call 800-445-GRAD (4723), Option 5.