Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
July 16, 2020
(AUSTIN) — Texas families have through July 31 to enroll their newborns in the Texas Tuition Promise Fund® and pay this academic year's rates for all or some future tuition and schoolwide required fees at Texas public colleges and universities, excluding medical and dental institutions. Newborns are children younger than 1 year of age at the time of enrollment.
“With a pandemic that has slowed much of our economy, I know saving for college may not be at the top of many parents’ minds,” Texas Comptroller Glenn Hegar said. “That’s why we’re reminding new parents to take advantage of the opportunity to lock in this year’s rates before next year’s rates go into effect on Sept. 1.”
Under the Texas Tuition Promise Fund, the state's prepaid college tuition program, participants can purchase tuition units and lock in future costs of undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities based on today's prices.
For additional flexibility, the plan also can be used for undergraduate resident tuition and schoolwide required fees at Texas medical and dental institutions, private Texas colleges and universities, out-of-state colleges and universities and career schools, where tuition is not locked in. The benefits and payouts differ at these schools.
Enrollment at 2019-20 prices closed on Feb. 29 for children 1 year of age and older. The next annual enrollment period begins on Sept. 1, with new contract prices based on Texas public college costs for the 2020-21 school year.
Purchasers should carefully consider the risks, administrative fees, service and other charges and expenses associated with the contracts, including plan termination and decreased transfer or refund value. The Plan Description and Master Agreement contains this and other information about the plan and may be obtained by visiting the website or calling the toll-free number above. Purchasers should read these documents carefully before purchasing a contract. Neither a contract nor any return paid with a refund is insured or guaranteed by the FDIC, the state of Texas, the Texas Prepaid Higher Education Tuition Board, any other state or federal governmental agency or NorthStar or its affiliates. The contracts have not been registered with the U.S. Securities and Exchange Commission or with any state.
Only the purchaser may direct rollovers, contract changes, withdrawals and changes in the designated beneficiary. Participation in the Texas Tuition Promise Fund does not guarantee admission to or graduation from any college or university.