Texas Tuition Promise Fund

[RoyceTTU]

Has anyone done this?

I've just started looking at it, Pros and Cons?

https://www.texastuitionpromisefund.com/

[Ernest T Bass]

Only con I can see is if your kid doesn't go to college.

[RoyceTTU]

Originally posted by Ernest T Bass
Only con I can see is if your kid doesn't go to college.

It looks like you get a refund less fees and you'll have to pay the taxes since it is a pre-tax deduction

[Pendragon13]

I thought this thing went bankrupt and was discontinued a while back?:confused: What they do is collect interest on the money you put in for however many years until it is used...but decent interest is hard to come by these days.

[JasperDog94]

I don't like the idea of having to pay for "tuition units". There are waaaaaay too many variables in my daughter's education to lock into a plan that may or may not work for her.

[Blue42]

I have this for my kids and now have it paid off for the 2 of them the oldest is now 16 and will be using it in 2 years when he gets out of High School it does have limitations and has been changed since the time we signed them up years ago if your kid got a scholarship you would get your money back and the interest it earned but now it is changed you only get the money back. I also am aware that the price has gone up considerably .

[sahen]

it has to be used for public universities as well limiting your choices...i understand why but if you your kid wants to go to a private school you cant use it...

[crzyjournalist03]

Originally posted by sahen
it has to be used for public universities as well limiting your choices...i understand why but if you your kid wants to go to a private school you cant use it...

That's the main reason that my wife and I haven't enrolled.

When our daughter was first born, we could have bought all the credits for all four years for around $25k, but we aren't sure that we'll still live in Texas when she's ready for college or if she'd even want to go to a Texas school. It's probably something we'll look into investing in again once she gets closer to college.

[RoyceTTU]

I married about 1-1/2 years ago. Her daughter is now in 7th grade. I would like to start building something up now that it is easier to find disposable income but am looking for the best vehicle to do it.

I had vaguely remembered this program and after a little googling I found it. Maybe there is a more conservative approach to it all but there is no way I can find something that the returns can beat an 5-8% increase per year. I understand the private school portion but to be honest, I don't and doubt I will have enough to pay out of pocket for a private university this late in the game.

[Blue42]

Originally posted by crzyjournalist03
That's the main reason that my wife and I haven't enrolled.

When our daughter was first born, we could have bought all the credits for all four years for around $25k, but we aren't sure that we'll still live in Texas when she's ready for college or if she'd even want to go to a Texas school. It's probably something we'll look into investing in again once she gets closer to college.
The longer you put it off the more it goes up we got our 16 year olds one in 1995 and it was about 1/2 of $25k and our 10 year olds one we started on 2000 was around $18k. It was the best way I could figure to save for college I know it does not cover books and all the other stuff but I did not want to face this large expense at once and did not want my kids to have to barrow just to go to school and face paying off student loans for the rest of their lives just in case something would happen to me .

[Ernest T Bass]

I dont even have kids yet, but Id do this if I could. If he/she wants to go out of state or to a private school, they can do it on their own dollar. If my kid's not smart enough to accept a free college education, they probably have no business going to college in the first place.

[RoyceTTU]

Originally posted by Ernest T Bass
I dont even have kids yet, but Id do this if I could. If he/she wants to go out of state or to a private school, they can do it on their own dollar. If my kid's not smart enough to accept a free college education, they probably have no business going to college in the first place.

I hate to be too much of a hard@ss, but I agree with you. To some extent, If I'm ponying up my own dollars, hell no she isn't going to UT, she'll be going to TTU :D

I get our drift though, my parents were not fortunate enough to be able to do this for me and my wife's wasn't either, so to some extent, she should be greatful it would be paid for.

[DDBooger]

Originally posted by Ernest T Bass
I dont even have kids yet, but Id do this if I could. If he/she wants to go out of state or to a private school, they can do it on their own dollar. If my kid's not smart enough to accept a free college education, they probably have no business going to college in the first place. :clap:

[Ernest T Bass]

Doubt that my dad could have paid for mine, but he never offered. He paid his own way through and while he always encouraged me to go, he made it clear that it would be on me to pay for it. Im glad he did. The fact that I was paying for it myself ensured that I was motivated enough to finish. Now he says that my education has surpassed my intelligence.

[crzyjournalist03]

Originally posted by Blue42
The longer you put it off the more it goes up we got our 16 year olds one in 1995 and it was about 1/2 of $25k and our 10 year olds one we started on 2000 was around $18k. It was the best way I could figure to save for college I know it does not cover books and all the other stuff but I did not want to face this large expense at once and did not want my kids to have to barrow just to go to school and face paying off student loans for the rest of their lives just in case something would happen to me .

Oh, I know it goes up, but at the same time, I don't want to invest in something when I'm not sure where we'll be 16 years from now. It's probably something I'll look long and hard at once she's near middle school age, but a lot can happen in a decade and a half. In the meantime, my wife and I have decided to try to pay off our house early, and once we do that, use those fund monthly to help build up a college fund.

[Blue42]

That’s great you younger parents thinking of your kids future please don’t let them have to pay for this with loans .What kills me is I see parents buying their kids a new car when they are in High School and then let the kids have to pay for their college education, not a good life lesson and I am sure it would piss Dave Ramsey off.