Payment Options
Can I make changes to my contract?
Yes, the Texas Guaranteed Tuition Plan provides flexibility to meet the changing needs of your family by allowing changes in your prepaid tuition contract. At any time you may change your payment options or reduce plan benefits (downgrade an account).
For example: You can downgrade a Senior 4 year Plan to a Senior 1 year Plan or change a Senior 4 year Plan to a Junior 2 year Plan. The downgrade has to be done in 1 year increments. Once a contract is downgraded, it cannot be restored to its former status. There is a $50 fee for this plan change. It is not necessary to include your fee with your request. In most instances, we are able to deduct the $50 fee from the proceeds of the downgrade. In the event that sufficient funds are not available from the proceeds to pay the fee, we will notify you and request payment. Should you wish to downgrade your contract, please download the Contract Downgrade Form [PDF]. Contracts cannot be downgraded once contract benefits have been used.
What are the types of prepaid tuition contracts?
While the Texas Guaranteed Tuition Plan was open for enrollment, it offered the following four plan types:
- Junior College Plan
- Senior College Plan
- Junior-Senior College Plan
- Private College Plan
The Junior College Plan allowed prepayment of up to 64 credit hours of tuition and required fees at any public junior or community college in the state. The plan also covers the Texas State Technical Colleges.
The Senior College Plan allowed prepayment of up to 160 credit hours of tuition and required fees at any public senior college or university in the state.
The Junior-Senior College Plan allowed prepayment of up to 64 credit hours of tuition and required fees at any public junior, community or technical college in the state. In addition, this plan provides prepaid tuition and required fees for any public senior college or university in the state, up to 64 credit hours.
The Private College Plan provides prepaid estimated average private tuition and required fees, as determined by the board each year, for the beneficiary to attend a private or independent institution of higher education or career school for up to 160 credit hours. IMPORTANT: If tuition and required fees at the private college or career school chosen exceed the estimated average as paid by the plan, the beneficiary is responsible for the remaining balance. If the college charges are less than the estimated average, the purchaser can request a refund of the difference. Otherwise, only the hours necessary to pay the student's tuition and required fee charges will be deducted from his or her plan.