AMARILLO, Texas (KAMR/KCIT) — Glenn Hegar, the Texas comptroller of public accounts, announced that the Texas Tuition Promise Fund turns 15 this month. Enrollment for the plan began Sept. 1 and will remain open until Feb. 29, 2024.

The Texas Tuition Promise Fund gives parents and loved ones the opportunity to prepay for a child’s future tuition. The Fund also pays for the required schoolwide fees at Texas public colleges and universities at today’s prices. Officials said this excludes medical and dental schools.

To celebrate the plan’s birthday, Hegar stated that the $25 application fee to enroll in the plan will be waived for Sept. and Oct. However, enrollment must be postmarked by Oct. 31.

People who choose to participate in the plan purchase tuition units that can be used later toward undergraduate resident tuition and required, schoolwide fees at Texas public colleges and universities.

Below is a list of the tuition units participants can purchase:

• Type 1 tuition units, Priced for undergraduate resident tuition and required schoolwide fees at the most expensive Texas public four-year university or college, cost $164.12 per unit.
• Type 2 tuition units, based on the weighted average cost of undergraduate resident tuition and required, schoolwide fees across Texas public four-year universities and colleges cost $114.60 per unit.
• Type 3 tuition units, based on the weighted average cost of in-district tuition and required, schoolwide fees across Texas public two-year community colleges, cost $30.71 per unit.

According to Hegar, 100 tuition units equal roughly one academic year that consists of 30 semester hours of undergraduate resident tuition as well as required schoolwide fees at the Texas public school that most accurately matches the tuition unit’s pricing base. Participants may purchase up to 600 Type 1 tuition units which is approximately six academic years or the dollar equivalent of Type 2 or 3 tuition units.

The plan includes flexible payment options with each contract, including lump-sum payments. installment payments that include six percent interest charge, or pay-as-you-go payments. The pay-as-you-go payment option enables participants to gradually add more tuition units as the family budget allows based on tuition unit prices at the time of purchase.

“Enrollment in a pay-as-you-go contract requires a purchase of at least one tuition unit of any type. Future payments can be as low as $15,” Hegar said, “An online calculator also provides pricing estimates on the type and number of tuition units currently needed for any two or four-year Texas public college or university.”

Hegar stated that the program has given families an additional tool to manage the investments they make towards a child’s education and save in a way that works for them.

“Congratulations to the Texas Tuition Promise Fund on 15 years of helping families save for college,” Hegar said, “I am proud to have helped so many Texas families plan for a child’s future education.”

Those interested in receiving more information about the prepaid college tuition plan, which includes the Texas residency requirements and how the plan’s Transfer Value can be used at medical and dental schools, etc. click here or call 800-445-4723, and select option 5.