The Texas Tomorrow Fund is a prepaid college investment program operating in Texas.
There are two plans: The Texas Guaranteed Tuition Plan and Tomorrow's College Investment Plan. The former is a constitutionally guaranteed trust fund backed by the State of Texas, whereas the latter is an investment plan managed by Enterprise Capital Management. Tomorrow's College Investment Plan is not backed directly by the state; it serves as an investment plan for tuition money, as opposed to a prepaid fund.
In 2003, a Texas law was introduced to allow public institutions of higher education to set their own tuition and fees, rather than being forced to charge what the State thought was appropriate. The State's guaranteed tuition plan was in jeopardy, for the State could not effectively predict how expensive tuition was going to be a decade from now and, consequently, could not accurately peg charges for applicants. New enrollment in the Texas Guaranteed Tuition Plan was then closed.
As an example of how much non-regulated tuition has cost the Texas Tomorrow Fund, a family purchasing 120 credit hours for a child's entrance to a public college in 2004 paid a total of $10,000 — about $83 per credit hour. As of fall 2006, the payout, due to rising tuition costs, was approximately $190 per credit hour.
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