Open enrollment in the Texas Tuition Promise Fund, the state’s prepaid college tuition program, began Sept. 1 and runs through Feb. 28, 2021. The Texas Tuition Promise Fund offers parents and loved ones the chance to prepay a child’s future higher education at Texas public colleges and universities at today’s prices, excluding medical and dental institutions.
There are three different flexible options that parents can choose from in the plan. Under each of the three types of options, parents can purchase “tuition units” to help cover future tuition costs at 2020-2021 academic year costs. Parents may purchase up to 600 units with one academic year roughly costing about 100 units. This allows the flexibility of having enough funds to cover 6 years of undergraduate studies.
• Type I units, priced for undergraduate resident tuition and school-wide required fees at the most expensive eligible Texas public four-year university or college, cost $151.64 per unit.
• Type II units, based on the weighted average cost of undergraduate resident tuition and school-wide required fees across eligible Texas public four-year universities and colleges, cost $108.35 per unit.
• Type III units, based on the weighted average cost of in-district tuition and school-wide required fees across eligible Texas public two-year community colleges, cost $28.81 per unit.
Units can be purchased in lump-sum payments, installments that include a 6% interest rate, or a pay-as-you-go option that allows the addition of more units as a families income grows. Some payments can be as low as $15 if a pay-as-you-go account is set up. Parents should take advantage of the online calculator (https://www.texastuitionpromisefund.com/calculator/) to get price estimates on the type of units and the number of units they will need or wish to plan for.
“I highly encourage our parents to consider this outstanding program that plans for the futures of our Texas children. As college tuitions continue to increase it is worth a look to lock in and freeze the current rates in today’s market and secure significant savings,” said State Representative White.
To enroll please visit https://www.texastuitionpromisefund.com/enroll-in-the-plan/ or for further information please go to www.TuitionPromise.org or call 800-445-GRAD (4723), Option 5.
The Fund will host two webinar opportunities on September 16th and we highly encourage
parents to attend.
Please do not hesitate to contact Saul Mendoza, Chief of Staff, with questions regarding this
release at 512-463-0490 or 409-283-3700.
