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Texas


Texas Tuition Promise Fund


5 Cap Ratings
(Resident Rating) (Non-Resident Rating)

Summary
With the Texas Guaranteed Tuition Fund closed to new enrollment, this unit-based prepaid plan steps in to provide Texas families with an opportunity to prepay future tuition and mandatory fees at Texas public institutions. By shifting the tuition risk to the state's public universities and colleges (under Texas law), the program is able to offer units at current tuition levels.

Program Details
Summary: With the Texas Guaranteed Tuition Fund closed to new enrollment, this unit-based prepaid plan steps in to provide Texas families with an opportunity to prepay future tuition and mandatory fees at Texas public institutions. By shifting the tuition risk to the state's public universities and colleges (under Texas law), the program is able to offer units at current tuition levels.
Program type: Prepaid unit
Enrollment period: September 1 thru February 28. First payment is due on the following May 1.
State residency requirements: The beneficiary must be a Texas resident or have a parent who is a Texas resident and is the named purchaser at the time of enrollment.
Maximum contributions: Approximately $70,836 based on 2013-2014 enrollment period pricing.
Minimum contributions: One unit initially; subsequent purchases must be at least $15. Extended payment plans are available.
Current value of one unit: Same as current unit price if used for in-state public institution; the lesser of in-state value or contributions-plus-earnings if used for private or out-of-state institution.
Current unit price: Type I (highest-cost Texas 4-year public): $118.06
Type II (average cost of Texas 4-year publics): $89.42
Type III (average cost of Texas 2-year publics): $22.23
Are program benefits backed by the full faith and credit of the state? No
Are program benefits collateralized or guaranteed in any other way? Under Texas law the public colleges in Texas must accept less than full tuition and fees if the fund's investment return fails to keep pace with tuition and fee increases.
State tax deduction or credit for contributions: Not applicable. Texas does not have a personal income tax.
Web site: Click here to visit
Telephone: 1-800-445-4723
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