Whether your account will affect your child’s eligibility for federal financial aid depends on who the Purchaser is and your child’s relation to the Purchaser. Also, laws related to federal student aid change frequently. You should check the latest information on the Department of Education’s website at fafsa, particularly the Federal Student Aid Handbook, to see how you should report your account on your child’s Free Application for Federal Student Aid ( FAFSA ). For Texas state-funded financial aid, Texas law provides that the value of your Tuition Units may not be considered assets, income, or resources in determining eligibility for Texas state-funded student financial aid.
Do I need to tell my child’s Texas public college or university that I am using the Texas Tuition Promise Fund?
For school-based financial aid, the effect of being a Purchaser or Beneficiary of an Account varies from institution to institution.
Can I use the Plan to pay student loans?
Refund Value means an amount equal to the total purchase price of unused Tuition Units to be refunded from the Contract, plus or minus adjusted annual net earnings or https://1stamericanloan.com/payday-loans-nj/ losses on contributions made to purchase the Tuition Units that are being refunded. Adjusted annual net earnings on contributions are computed at an earnings rate set by the Board that is up to 2% less than the actual investment return for the Plan for each of the years the Contract is in effect, provided that in no event shall the annual net earnings on the contributions ever exceed 5% annually. Earnings may be paid with a refund only if the Board determines that such payment will not adversely affect the actuarial soundness of the Plan. Any outstanding fees imposed by the Plan would be subtracted from the total refunded amount. Refund Value does not include any state-provided or procured matching contributions or any earnings on state-provided or procured matching contributions.
You can access your account information, including the Transfer Value of your account, online by following the instructions in item #3, above or you can contact customer service at 1-800-445-4723, Option #5, for information about your account, including the Transfer Value.
For example, for the 2012-2013 school year, the University of Texas at Austin School of Nursing was about 50 percent higher than the weighted average, and the University of North Texas was about five percent higher than the weighted average. So, in 2012-2013, you would have needed Type II Tuition Units to pay tuition and schoolwide required fees required feesRequired fees are only those that must be paid by all students as a condition of enrollment in the college or university. They do not include course-specific fees such as equipment usage or lab fees, or fees related to your major or year of study. for 30 hours at the University of Texas at Austin School of Nursing. In contrast, in 2012-2013, you would have needed only Type II Tuition Units to pay tuition and schoolwide required fees required feesRequired fees are only those that must be paid by all students as a condition of enrollment in the college or university. They do not include course-specific fees such as equipment usage or lab fees, or fees related to your major or year of study. for 30 hours at the University of North Texas. Lamar University in Beaumont was about three percent less than the weighted average cost of all Texas public four-year colleges and universities, so you would have needed Type II Tuition Units for the 2012-2013 academic year.