AUSTIN (KXAN) — Enrollment in the Texas Tuition Promise Fund, the state’s prepaid college tuition plan, began Thursday and runs through Feb. 28, Texas Comptroller Glenn Hegar said in an announcement Friday.

According to a release, the fund offers a way to prepay for a child’s future higher education in Texas. The fund is administered by the Texas Prepaid Higher Education Tuition Board.

“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,” the release said. “Prices are based on 2022-23 academic year costs for the state’s public colleges and universities.”

Hegar also said the $25 application fee to enroll in the plan would be waived for September and October enrollments, but it must be postmarked by Oct. 31, 2022.

According to the Texas Prepaid Higher Education Tuition Board, the plan has flexible payment options available with each contract.

For more information about the prepaid college tuition plan, go to TuitionPromise.org or call 800-445-4723, option 5.

The release said residency restrictions, age requirements, eligibility criteria, household income restrictions and contribution requirements would apply.