Texas Tuition Promise Deadline Nears

Enrollment deadline near for prepaid college tuition program

AUSTIN, TX, Feb. 9, 2009 -- Texas Comptroller Susan Combs reminds parents that the current enrollment period ends Feb. 28 for the Texas Tuition Promise Fund, the state’s new prepaid college tuition program. Enrollment opened last September for the program, which allows families to lock in college tuition and required fees at current prices of Texas public colleges and offers many flexible options to prepay those expenses before a child is ready for college.

“The Texas Tuition Promise Fund makes it easy to save for college, even in these challenging economic times,” Combs said. “If your child attends a Texas public college, you don’t have to worry about the volatile stock market, and you can prepay for as much of your child’s college costs as your family budget allows.”

During the current enrollment period, more than 4,800 children have been enrolled in the Texas Tuition Promise Fund. The contracts purchased are worth almost $100 million in future college tuition and required fees.


“You must enroll your child in the Texas Tuition Promise Fund by Feb. 28 to take advantage of current contract prices,” Combs said. “When the current enrollment period ends, enrollment will close until September, except for newborns born in March through August. We will survey colleges and universities regarding their future tuition and fees and set new contract prices for the next Texas Tuition Promise Fund enrollment period.”

Families enrolled in the Texas Tuition Promise Fund purchase tuition “units” with three levels of pricing to prepay undergraduate resident tuition and required fees at schools ranging from public community colleges to four-year state universities.

During the current enrollment period, parents of a newborn can pay as little as $15.16 per month until their child’s high school graduation to prepay a year of tuition at a community college. Parents of a 7-year-old who want to prepay the weighted average cost of one year’s tuition at a four-year Texas public university could spread the payments over 10 years for $81.53 a month.

“The Texas Tuition Promise Fund allows families from any economic background to achieve their education goal — whether it is a four-year college degree or a training program at a community college to

gain the technical skills that good, well-paying jobs require,” Combs said. “The U.S. Department of Education estimates about 80 percent of the fastest-growing job categories in the near future will require some education beyond high school, but not a bachelor’s degree. Texas employers report a growing shortage of workers with technical skills needed for the jobs in Texas’ future.”

Combs’ Web site, Every Chance, Every Texan, can help families plan and save for college. The Web site provides information on careers that will be in demand in the future and the education requirements for various fields. It also includes tools to help families calculate college costs and determine whether they are saving enough money.

To learn more about the Texas Tuition Promise Fund, visit www.EveryChanceEveryTexan.org or go directly to the Texas Tuition Promise fund Web site at http://www.TexasTuitionPromiseFund.com.