By Shelley Kofler
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-758051.mp3
Dallas, TX – The state comptroller is offering Texans a plan that will allow them to pay current college tuition rates, even if inflation raises the price of an education.
The new Texas Tuition Promise Fund is a hedge against inflation. It allows families to lock in today's costs for tuition and fees at Texas' public colleges and universities.
Comptroller Spokesman R.J. De Silva says that's a bargain when you consider tuition has risen steeply since 2003, when the legislature allowed Texas universities to begin setting their own rates. This fall alone on UT campuses, tuition and fees are increasing anywhere from 5 to 13 percent.
De Silva: What the state is looking at is making college more affordable for families in every walk of life. And when you look at this prepaid tuition plan, there's so much flexibility that is offered in it.
Families buying in now would pay $9,850 for one year at any Texas public university. Some schools and community colleges cost less. Families can pay in one lump sum or installments and can buy semesters instead of full years.
The plan is similar to the Texas Tomorrow Fund, which stopped accepting applicants five years ago.
Money invested in the new plan cannot be used for housing or books, but the comptroller's office sponsors other savings plans for those expenses.
State Senator Florence Shapiro from Plano was a sponsor of the legislation that created this fund.
For more details go to: Texas Tuition Promise Fund