Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
February 22, 2021
(AUSTIN) — Texas families can lock in today’s cost of undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities by enrolling their children in the tax-advantaged Texas Tuition Promise Fund® before the close of the current general enrollment period on Feb. 28.*
“It’s never too late to start planning for a child’s college education, so I’m encouraging Texas families and individuals to remember the upcoming deadline to prepay and lock in today’s rates for all or some future tuition at two- and four-year Texas public colleges and universities,” Texas Comptroller Glenn Hegar said. “Families will find that when it comes to planning for their children’s future education, every little bit adds up.”
The Texas Tuition Promise Fund, the state’s prepaid college tuition program, allows participants to prepay undergraduate resident tuition and schoolwide required fees by purchasing tuition units for a four-year degree, two years of community college or just a few semesters. For additional flexibility and portability, the plan also can be used at Texas medical and dental institutions; Texas private colleges or universities; out-of-state colleges or universities; or career schools, where tuition and schoolwide required fees are not locked in and the benefits and payouts would be based on the transfer value.**
To enroll children younger than 1 in the program at 2020-21 prices, the deadline is July 31. The next general enrollment period begins on Sept. 1, with new contract prices based on Texas public college tuition and schoolwide required fee costs for the 2021-22 academic year.
Complete plan information — including residency and other requirements, current prices, enrollment forms and more — is available online at TuitionPromise.org, or by calling 800-445-GRAD (4723), Option 5.
The program’s outreach team also offers free webinars to provide an overview of the plan and discuss the different tuition unit types and payment options, as well as provide information about Texas Match the Promise Foundation℠ matching scholarship opportunities.*** Go to the Texas Tuition Promise Fund website for information about how to register to attend upcoming webinars.
* Residency restrictions apply.
** Transfer value applies to tuition redemption at medical and dental schools, Texas private colleges and universities, out-of-state colleges and universities, and career schools. Transfer value is limited to the lesser of (1) the costs the Tuition Unit would cover at a public college or university or (2) the original purchase price of the Tuition Unit plus or minus the Plan’s net investment earnings or losses on that amount.
*** Residency restrictions, age requirements, eligibility criteria, household income restrictions and contribution requirements apply. Match the Promise Foundation scholarships can only be used at Texas public colleges and universities, and transfer value cannot be utilized.
Participation in the Texas Tuition Promise Fund® does not guarantee admission to or graduation from any college or university. Only the named purchaser may direct redemptions, withdrawals, changes in the designated beneficiary or other contract changes.
A contract, including the amount contributed, and any amount applied as a benefit or paid as a refund, is not guaranteed, insured or treated as a deposit or other obligation by the state of Texas, the FDIC, the Texas Prepaid Higher Education Tuition Board, any other state or federal governmental agency or Orion or its affiliates. The contracts have not been registered with or approved by the U.S. Securities and Exchange Commission or with any state.
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. Orion Advisor Solutions, Inc., serves as plan manager of the Plan. The Plan Description and Master Agreement contains this and other information about the Plan and may be obtained by visiting TuitionPromise.org or calling 800-445-GRAD (4723), option 5. Purchasers should read these documents carefully before purchasing a contract.
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