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Prepaid College Tuition Enrollment Pays Long-Term Savings

Lifestyle

Parents can save big bucks by opening a Texas Tuition Promise Fund, which locks state college and university tuition rates.

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Parents can lock in higher education tuition rates by enrolling in the Texas Tuition Promise Fund.

The program offers individuals the opportunity to prepay a child’s future higher education at Texas public colleges and universities at today’s prices.

“This is the perfect time to think about a Texas Tuition Promise Fund account, which gives families an additional tool to help plan for their children’s future education,” Texas Comptroller Glenn Hegar said. “Planning today is a good way to put your child on a path to a college education. The sooner you start saving, the more affordable it could be.”

According to the comptroller, participants in the plan purchase “tuition units” that can be used later toward undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities, excluding medical and dental institutions. Prices are based on 2021-22 academic year costs.

Participants can choose from three funds.

  • Type I tuition units, priced for undergraduate resident tuition and schoolwide required fees at the most expensive institutions, cost $164.12 per unit.
  • Type II tuition units, based on the weighted average cost of undergraduate resident tuition and schoolwide required fees, cost $112.59 per unit.
  • Type III tuition units, based on the weighted average cost of in-district tuition and schoolwide required fees across public two-year community colleges, cost $29.15 per unit.

Under the plan, 100 tuition units equal approximately one academic year of 30 semester hours of undergraduate resident tuition and schoolwide required fees at the Texas public school that most closely matches the tuition unit’s pricing base. Participants can purchase up to 600 Type I tuition units, approximately six academic years or the dollar equivalent of Type II or III tuition units.

Each contract has flexible payment options, including lump-sum payments, installment payments, or pay-as-you-go payments.

There is a $25 application fee for all contract types, and Texas residency requirements apply. The program enrollment runs until Feb. 28, 2022.

For more information about the Texas Tuition Promise Fund or to register, visit https://www.texastuitionpromisefund.com/.

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