Check out the Pricing Schedule and Redemption Guide for up-to-date costs. At the back of the Pricing Schedule and Redemption Guide you will find information on the number of each type of Tuition Units: Tuition Units are the unit of measure used to purchase prepaid tuition. Generally, one unit represents one percent of the cost of tuition and required fees for 30 semester hours at the school that most closely matches the unit’s pricing structure. necessary to cover one academic year’s tuition and Required Fees: Required 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. at Texas public colleges and universities if the units were redeemed in the current academic year. This is subject to change in the year that you actually redeem tuition units. For example, a college whose costs are at the Weighted Average Cost: "Weighted Average" is calculated according to a formula established by Texas law. The Plan will calculate two Weighted Averages: (1) A Weighted Average cost of undergraduate resident tuition and required fees for four-year public senior colleges or universities in Texas, and (2) a Weighted Average cost of undergraduate resident tuition and required fees at two-year public institutions of higher education in Texas (public junior colleges, public state colleges, and public technical institutes) paid by residents of the taxing jurisdiction of the two-year public institution. Weighted Averages are essentially the average cost of undergraduate resident tuition and required fees at these public colleges and universities in Texas (institutions) and are calculated by 1) multiplying the average amount of the institution’s undergraduate resident tuition and required fees for an academic year consisting of 30 semester credit hours by the number of full-time equivalent undergraduate resident students at the institution; 2) adding together the products computed in 1) for each institution; and 3) dividing the sum determined in 2) by the total number of full-time equivalent undergraduate resident students at all institutions. in the year Tuition Units are purchased might not be at the Weighted Average Cost in the year Tuition Units are redeemed.
With the exception of accounts owned through a Uniform Gift to Minors Act ( : ) or Uniform Transfer to Minors Act ( : ) account, Purchasers may change the Beneficiary of an account. The new Benficiary: The person designated by the Purchaser under a Prepaid Tuition Contract as the person for whom undergraduate tuition and required fees will be paid to an Eligible Educational Institution when authorized by the Purchaser. must be a Texas resident or the child of a parent who is both a Texas resident and the Purchaser on the date the designation is changed. The new Beneficiary must be a member of the family of the existing Beneficiary as defined by IRS Publication 970.
If you change the Benficiary: The person designated by the Purchaser under a Prepaid Tuition Contract as the person for whom undergraduate tuition and required fees will be paid to an Eligible Educational Institution when authorized by the Purchaser. of your account to a person who is older or younger than the existing Beneficiary, and you purchased units under an Installment Plan, then your installment payments may change. Additionally, changing the Beneficiary may have gift tax or generation-skipping-transfer tax consequences. You should consult with a tax advisor prior to changing the Beneficiary of your account.