(AUSTIN) â€” Open enrollment in the Texas Tuition Promise Fund®, the stateâ€™s prepaid college tuition program, began Sept. 1, and runs through Feb. 28, 2015. Texas Comptroller Susan Combs reminds families that the Texas Tuition Promise Fund offers parents the chance to prepay for their childâ€™s education at Texas public colleges and universities at todayâ€™s prices.
Families in the Texas Tuition Promise Fund purchase prepaid “tuition unitsâ€ that can later be used toward undergraduate tuition and required fees at schools ranging from Texas public community colleges to four-year, in-state universities. Prices are based on 2014-15 academic year costs for the stateâ€™s public colleges.
â€¢Type I units, priced for tuition and school-wide required fees for the most expensive public four-year school in Texas, cost $118.06 per unit.
â€¢Type II units, based on the weighted average cost of tuition and school-wide required fees across all Texas public four-year schools, cost $89.42 per unit.
â€¢Type III units, priced at the weighted average cost of tuition and school-wide required fees across all Texas public two-year schools, cost $22.23 per unit.
Under the plan, 100 units equal roughly one academic year consisting of 30 semester hours of tuition and school-wide required fees at the Texas public school that most closely matches the pricing base. Families can prepay for up to six years (600 Type I units or the equivalent amount of Type II and III units) of college.
The planâ€™s payment options include lump sum payments, installment payments that include 8 percent interest or a pay-as-you go plan that allows parents to gradually add more units when the family budget allows. Payments can be as low as $15 after an account is established by paying a one-time fee of $25 and purchasing at least one unit.
The Texas Tuition Promise Fund is entering its seventh year. For more information about enrolling in the prepaid college tuition program, including a college cost calculator, go to www.TuitionPromise.org or call (800) 445-GRAD (4723), Option 5.