Texas Tomorrow Fund Broke; Limited Refunds

By: Associated Press Email
By: Associated Press Email

Parents who invested in their children's future through the Texas prepaid college tuition plan will not get extra money if they cancel the deal.

The deficit-strapped former Texas Tomorrow Fund needs the money.

The Dallas Morning News reported Thursday that the Texas
Guaranteed Tuition Plan has decided to cancel its policy that pays
sometimes as much as 200 percent in returns.

The prepaid tuition plan has adopted a policy that will restrict future refunds to the actual amount paid by parents or others who purchased college slots, minus administrative fees.

The updated policy takes effect Nov. 1.

Currently, refunds include the initial amount paid and the difference between the original contract price and a current value based on average tuition rates for state colleges and universities.

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