Texas Comptroller Glenn Hegar reminds families that open enrollment in the Texas Tuition Promise Fund, the state's prepaid college tuition program, began September 1st and runs through February 28, 2018.

The Texas Tuition Promise Fund offers parents and loved ones the chance to prepay a child's education at Texas public colleges and universities at today's prices.

In a press release, Hegar said:

“A Texas Tuition Promise Fund account is an opportunity to start paying for future college expenses and is a good way to give your child a path to a college education. Planning for your child’s education today helps save money on tomorrow’s expenses.”

Participants in the Texas Tuition Promise Fund purchase prepaid "tuition units" that can later be used toward undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities.

Prices are based on 2017-18 academic year costs for the state's public colleges and universities.

Type I units, priced for the most expensive four-year university, cost $137.92 per unit

Type II units, based on the average cost of all Texas public four-year schools, cost $97.90 per unit.

Type III units are priced at the average cost of in-district tuition for all Texas public two-year community colleges. They cost $25.05 per unit.

Under the plan, 100 units equal roughly one academic year consisting of 30 semester hours of undergraduate resident tuition and schoolwide required fees at the Texas public school that most closely matches the unit's pricing base.

Participants can purchase up to 600 Type I units — approximately six academic years — or the dollar equivalent of Type II or III units.

The plan's payment options include lump-sum payments, installment payments that include 8 percent interest or a pay-as-you-go option that allows participants to gradually add more units when the family budget allows.

Enrollment requires payment of a one-time application fee of $25 and the purchase of at least one tuition unit of any type.

Payments can be as low as $15 after an account is established.

For more information about the prepaid college tuition program, go to TuitionPromise.org or call 800-445-GRAD (4723), Option 5.

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