Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
July 19, 2022
(AUSTIN) — Texas families have through July 31 to enroll their newborns at 2021-22 prices in the Texas Tuition Promise Fund®, the state's prepaid college tuition program. Newborns are children younger than 1 year of age at the time of enrollment. *
"It is never too early for Texas families to consider enrolling their newborns in this program,” Texas Comptroller Glenn Hegar said. “With Texans grappling with inflation and an uncertain economy, purchasing tuition units today allows families to lay the foundation for their children’s future educational opportunities.”
With the Texas Tuition Promise Fund, participants can purchase tuition units and lock in the costs of undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities, excluding medical and dental institutions, based on today's prices.
For additional flexibility, the plan also can be used at Texas medical and dental institutions, Texas private colleges and universities, out-of-state colleges and universities, career schools and registered apprenticeship programs, where tuition is not locked in and the benefits and payouts would be based on the Transfer Value. **
Enrollment at 2021-22 prices closed on Feb. 28 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 2022-23 school year.
Complete plan information, including the plan description and agreement, current sales prices, enrollment forms and more, is available at TuitionPromise.org or by calling 800-445-GRAD (4723), option 5.
The program’s outreach team also offers free webinars that 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 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.
The Texas Tuition Promise Fund® (“Plan”) is administered by the Texas Prepaid Higher Education Tuition Board (“Board”), and Orion Advisor Solutions, Inc. is the plan manager. The Plan and the Board do not provide legal, financial, or tax advice and participants in the Plan should consult a legal, financial, or tax adviser prior to purchasing a contract.
Participation in the Plan does not guarantee admission to or graduation from any college or university. Only the purchaser may direct redemptions, withdrawals, changes in beneficiary, or other contract changes. Non-residents of Texas should consider whether their home state, or the beneficiary’s home state, offers residents any tax or other state benefits, such as financial aid, scholarship funds, and protection from creditors, that are only available for participants in that state’s plan.
You may lose money by participating in the Plan. No part of a contract is a deposit or obligation of, or is guaranteed or insured by, the Board, the state of Texas, or any agency or agent thereof. The contracts have not been registered with or approved by the SEC or any state. Purchasers should carefully consider the risks, fees, charges, and expenses associated with contracts, including Plan termination and reduced Transfer or Refund Value. Transfer Value applies to redemptions at private colleges and universities, out-of-state colleges and universities, medical and dental schools, career schools, and registered apprenticeship programs and is the lesser of: (1) the costs the units would cover at a Texas public college or university; or (2) the original purchase price of the units plus or minus net investment earnings or losses on that amount. The Plan Description and Master Agreement contain this and other information about the Plan and may be obtained by visiting www.TuitionPromise.org or calling 800-445-GRAD (4723), option 5. Purchasers should read all Plan documents carefully before purchasing a contract.