Comptroller Glenn Hegar today reminded Texans that the application deadline for Texas Match the Promise Foundation℠ scholarship awards is Dec. 31, 2020.
Match the Promise scholarship awards are available for fifth through ninth graders:
–who are beneficiaries of a Texas Tuition Promise Fund® (TTPF) account, the state’s prepaid college tuition plan;
–whose families have an annual income of $100,000 or less; and
–who are Texas residents and the dependents, for tax purposes, of Texas residents.
Families who do not have a TTPF account can find information about establishing one at MatchThePromise.org, or they can call 800-531-5441, ext. 3-7570.
The Match the Promise Foundation, in cooperation with the Comptroller’s office, offers these competitive matching scholarships to encourage Texas families to save for college. Approved recipients can receive scholarships of tuition units worth up to $1,000 at today’s prices, while top-scoring recipients also can receive one-time grants of tuition units worth $2,000 at today’s prices.
“Eligible families across the state can apply for Match the Promise scholarships, which reflect our belief in the importance of higher education,” Hegar said. “And the prepaid college tuition plan could be a great way to help families save for their children’s higher education.”
To be considered for a scholarship, students must write a career essay and meet other requirements. If approved, recipients have until Aug. 31, 2021, to meet the contribution requirements of the scholarship program.
Match the Promise is funded by individuals who have donated the cash value of property held in the state’s unclaimed property program, as well as by donations from individuals, businesses and organizations and by state employees through the State Employee Charitable Campaign. The foundation is a 501(c)(3) federal tax-exempt public charity and is eligible to receive tax-deductible contributions from Texans.
Participation in the Texas Tuition Promise Fund does not guarantee admission to or graduation from any college or university. Only the purchaser may direct rollovers, contract changes, withdrawals and changes in the designated beneficiary.
Purchasers should carefully consider the risks, administrative fees, service and other charges and expenses associated with the contracts, including Plan termination and decreased transfer or refund value. Transfer value applies to tuition redemption at Texas private colleges and universities, out-of-state colleges and universities, medical and dental schools and career schools. Match the Promise Foundation scholarships can only be used at Texas public colleges and universities, and transfer value cannot be utilized. Transfer value is limited to the lesser of (1) the costs the Tuition Unit would cover at a public college or university or (2) the original purchase price of the Tuition Unit plus or minus the Plan’s net investment earnings or losses on that amount. Orion Advisor Solutions, Inc., serves as plan manager of the Plan. The Plan Description and Master Agreement contains this and other information about the Plan and may be obtained by visiting TuitionPromise.org or calling 800-445-GRAD (4723), option #5. Purchasers should read these documents carefully before purchasing a contract.
Contracts in the Plan are not deposits or other obligations of any depository institution. Neither a contract nor any return paid with a refund is insured or guaranteed by the FDIC, the state of Texas, the Texas Prepaid Higher Education Tuition Board, any other state or federal governmental agency or Orion Advisor Solutions, Inc., or its affiliates. The contracts have not been registered with the U.S. Securities and Exchange Commission or with any state.
Non-residents of Texas should consider whether their home state, or the beneficiary’s home state, offers its residents any state tax or other state benefits, such as financial aid, scholarship funds, and protection from creditors that are only available for participants in that state’s 529 plan.
