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In the News

Texas Tuition: Prepay Today

A new program has come to the forefront of paying for college tuition in the state of Texas — prepayment. So many Texas residents, like others throughout the U.S., are trying to figure out the most efficient way possible to cover the cost of college tuition. In these challenging economic times, it is more difficult than ever to do so.

In an effort to come up with an "outside-of-the-box" solution, Texas State Controller Susan Combs recently announced the arrival of a new, prepaid tuition plan — the Texas Tuition Promise Fund. How it works is that families can lock in undergraduate tuition costs and required fees at current rates for Texas public colleges, and then prepay those expenses before their children go off to school.

Texas families can choose one of three levels of investment: tuition for 2-year Texas colleges (based on average costs), tuition for 4-year Texas colleges (based on average costs), or tuition at the most expensive state schools. This depends on where you want your child to attend school. Once you have money in the plan, it can also be used for out-of-state or private schools, with students and their families holding the responsibility to make up the difference in cost. Prepaid tuition accounts must be active for a minimum of three years, and be paid in full before they can be used.

There are three ways to buy into this plan. It can be paid in a lump sum, on a monthly or annual installment plan, or on a "pay-as-you-go" basis. The current enrollment period has already begun, and runs through February 28, 2009. There is an enrollment fee of $25. To find out more about costs involved, how the plan works, the three plan types explained and more, visit the Texas Tuition Promise Fund's Web site at www.EveryChanceEveryTexan.org.