Who can use the Texas tuition Promise Fund?

Any U.S. citizen or legal resident 18 years and older can open an account, as long as the Beneficiary Close X Benficiary: The person designated by the Purchaser under a Prepaid Tuition Contract as the person for whom undergraduate tuition and required fees will be paid to an Eligible Educational Institution when ...

What can Texas Tomorrow Fund be used for?

Texas Guaranteed Tuition Plan — constitutionally guaranteed to pay for your beneficiary's tuition and required fees. The state will honor all Texas Tomorrow Fund or Texas Guaranteed Tuition Plan contracts to pay for a beneficiary's college tuition and required fees.

How do I redeem my Texas Tuition Promise Fund?

In order to redeem Tuition Units, Close X Tuition Units: Tuition Units are the unit of measure used to purchase prepaid tuition. Generally, one unit represents one percent of the cost of tuition and required fees for 30 semester hours at the school that most closely matches the unit's pricing structure.

How does the Texas Guaranteed Tuition Plan work?

The Texas Guaranteed Tuition Plan provides for the use of prepaid tuition benefits to beneficiaries that use their funds earlier than their projected high school graduation year. The Plan must be notified that the beneficiary is either graduating early or using the contract benefits while still attending high school.

Is the Texas Tuition Promise Fund a good idea?

Our overall rating for TX residents

Prepaid Plans let you pre-pay all or part of the costs of a college education. They may also be converted for use at private and out-of-state colleges. This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.

Texas Tuition Promise Fund offers locked in tuition rates and fees for Texans

What does Texas Tuition Promise Fund cover?

The Texas Tuition Promise Fund® allows you to lock in current undergraduate tuition rates and schoolwide required fees. They do not include course-specific fees such as equipment usage or lab fees, or fees related to your major or year of study.

Is Texas Tuition Promise Fund refundable?

Need a Refund? You can receive a refund. The earnings portion of a Refund is also subject to federal income taxes plus a 10% federal tax as well as any state or local taxes that may apply. Earnings may only be paid on a refund subject to the actuarial soundness of the fund.

Does Texas Tomorrow Fund pay for summer classes?

It is often more beneficial for students to use their Texas Tomorrow account for payment during the long semesters if they will only be enrolled in one or two classes during the shorter summer semesters. If you would like to use your plan during the summer terms, please notify the Bursar's Office.

What is the Texas Tuition Promise Fund How does it work who can use it and where can it be used?

Per their website, “The Texas Tuition Promise Fund® allows you to lock in current undergraduate tuition rates and schoolwide required fees at Texas public colleges and universities, excluding medical and dental institutions.

How many hours is the Texas Guaranteed Tuition Plan?

The new beneficiary cannot have more than five years or 160 credit hours of combined TGTP contract benefits or exceed the maximum contribution limit of $500,000 for one beneficiary for all Texas 529 plans combined.

What is a Type 1 unit of Texas Tuition Promise Fund?

Type I: One unit is equal to 1 percent of the cost of undergraduate resident tuition and schoolwide required fees at the most expensive Texas public four-year college or university, excluding medical and dental institutions.

What is a promise grant in Texas?

The Promise Fund offers three different types of tuition units to cover all or a portion of tuition and required fees at Texas public colleges and universities — from community colleges to the most expensive schools.

Does Dallas Promise pay for summer classes?

Scholars may not receive Promise funding for more than 36 credit hours per academic year (fall, spring, and summer semesters). c. Scholars must meet Dallas College Financial Aid Satisfactory Academic Progress (SAP) policy in order to remain in the program: www.dcccd.edu/sap.

What replaced the Texas Tomorrow Fund?

Most states that closed their prepaid tuition plans now administer other education savings plans instead. In Texas, the TGTP was replaced by a new prepaid plan, the Texas Tuition Promise Fund™.

What is Texas Tomorrow Fund now called?

The Texas Guaranteed Tuition Plan (formerly the Texas Tomorrow Fund) was developed to cover the cost of tomorrow's college tuition and required fees at Texas public colleges and universities.

Is Texas tomorrow a 529 plan?

The Texas Prepaid Higher Education Tuition Board (Board) administers the Texas Tomorrow Funds program, which includes the following IRS Code Section 529 plans: Texas Guaranteed Tuition Plan (formerly the Texas Tomorrow Fund) Texas Tuition Promise Fund.

How do I contact Texas Tuition Promise Fund?

Call us directly at 1.800. 445.4723, option #5, and mention that the Match the Promise Foundation awarded the student a matching scholarship or tuition grant to receive account specific information.

When did Texas Tomorrow Fund close?

The program was fully guaranteed by the state, and 158,442 contracts were sold between 1996 and 2003, when the plan was closed and tuition, which had been set by legislators, began to be set by the colleges themselves.

What is the Texas Guaranteed Tuition Plan 2023?

The 2023-2024 Academic Year tuition and required fee hourly reimbursement rates effective Fall 2023 - Summer 2024 are: $125.47 for junior college contract hours. $366.88 for senior college contract hours. $1,046.09 for private college contract hours.

How many classes can you take in summer school in Texas?

Summer Terms - the usual summer load is 6 credit hours per term. Students in good standing may take eight hours during a summer term without needing their dean's approval. Those with a 2.00 or higher GPA may carry 10 credit hours during each summer term.

How do I cancel my Texas Tuition Promise Fund?

All requests for cancellation must be made in writing and signed by the Purchaser in a format approved by the Plan. Please refer to the Plan Description and Master Agreement for more information.

What should I do with my tuition refund?

Spend it on essentials

Students may want to spend their refund on things like clothes, technology, or a vacation. This is not the wisest thing to do, and it can form poor financial habits. Students should spend their refund on things related to the cost of attending college, or something that will advance their future.

What does tuition refund mean?

Tuition insurance, also referred to as a tuition refund plan, reimburses certain education-related expenses if your child is forced to withdraw. The insurance is typically geared toward higher education, but some insurance programs cover K-12 as well.

Does Texas have a tuition assistance program?

Yes, State TA can be used or “stacked” with other federal tuition assistance or state programs to cover up to 100% of tuition and eligible fees. If other programs are covering 100% of the tuition and eligible fees, then there is no remaining amount that qualifies for a State TA award.