Enroll your child in the Texas Tuition Promise Fund. You can enroll online or download applications and enrollment kits from the TTPF (texastuitionpromisefund.com). At the time of publication, the plan started enrolling students on September 1 and accepted applications through the end of the following February. If you want to open an account for an infant under one year old, you can apply until July 31. To open an account, either the child beneficiary or the parent setting up the plan must have Texas residency.
Choose between the TTPF's tuition unit Types I, II and III. 100 Type I units equal two semesters of tuition and fees at the most expensive Texas public university, and would go further at less expensive institutions. Type II units use statewide weighted averages of tuition costs to determine the value of an individual unit, so 100 Type II units would cover some, but not all of the cost of two semesters at the most expensive public university. Type III units cover tuition and fees at two-year junior colleges, and like Type II units, use weighted tuition averages to determine a unit's value. All types of units can also be used to help pay for private or out-of-state tuition.
Choose a payment plan. TTPF offers lump sum, installment and pay-as-you go plans to fit different needs. The lump sum plan allows parents to lock in the price of tuition units at current rates, but requires you to buy a minimum number of units. The installment plan also requires a minimum purchase and locks in current tuition unit prices, but it allows you to pay over time, with interest. The pay-as-you-go plan requires no minimum unit purchase, so you can accumulate units when you can afford to buy them. However, you will pay the rate in effect at the time you buy each unit, so you cannot lock in cheaper unit prices under a pay-as-you-go plan.