(AUSTIN) — Texas Comptroller Glenn Hegar today reminded Texans that applications are now being accepted for 2023-24 Texas Match the Promise Foundation℠ awards.
The foundation, in cooperation with the Comptroller‘s office, encourages Texas families to save for college by offering awards to third through ninth graders who are beneficiaries of a contract in the Texas Tuition Promise Fund® (TTPF) — the state’s prepaid college tuition plan — and whose families have an adjusted gross income of $100,000 or less.
Match the Promise scholarships are awarded in the form of TTPF tuition units. Approved recipients can receive matching scholarships of tuition units worth up to $2,000 at today’s prices, while top-scoring recipients also can receive one-time grants of tuition units worth $3,000 at today’s prices. These scholarship tuition units can be used at Texas public colleges and universities, excluding medical and dental schools, for undergraduate resident tuition and required, schoolwide fees.
“Since 2013, the foundation has awarded more than 700 matching scholarships and tuition grants with a value of more than $900,000,” Hegar said. “I am tremendously proud of this program and moved by the generosity of those who make this effort possible. These scholarships and grants can have a profound impact on children who represent this state’s future.”
Applicants can apply through Dec. 31, 2023, by using our online application system or downloading an application form to mail.1 Families can also enroll in TTPF during this time if they haven’t already done so.2
To be considered for an award, students must write a short career essay of 200 to 300 words and meet other requirements. If approved, families will have until Aug. 31, 2024, to meet the contribution requirement of the scholarship program by contributing a minimum of $50 to the student’s TTPF contract.
The foundation will match up to $500 of participant tuition unit purchases, with family incomes of $75,000 or less receiving a four-to-one match worth up to $2,000 and family incomes of $75,001 to $100,000 receiving a two-to-one match worth up to $1,000. The 12 applicants who score the highest will also receive a one-time grant worth $3,000, which doesn’t have a matching component.
Complete details can be found at MatchThePromise.org.
Match the Promise is funded by individuals who have donated the cash value of property held in the state’s Unclaimed Property program, by contributions from the Comptroller’s office, by donations from individuals, businesses and organizations, and by state employees through the State Employee Charitable Campaign of Texas. The foundation is a 501(c)(3) federal tax-exempt public charity and is eligible to receive tax-deductible contributions from Texans.
1 Residency restrictions, age requirements, eligibility criteria, household income restrictions and contribution requirements apply. Mailed applications must be postmarked no later than Dec. 31, 2023.
2 Residency restrictions apply.
The Texas Tuition Promise Fund® (“Plan”) is administered by the Texas Prepaid Higher Education Tuition Board (“Board”). Orion Advisor Solutions, Inc. is the plan manager. The Plan and the Board do not provide legal, financial, or tax advice and you should consult a legal, financial, or tax advisor before participating.
Non-residents of Texas should consider whether their home state, or the beneficiary’s home state, offers its residents any 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 plan.
Participation in the Plan does not guarantee admission to or graduation from any college or university. Only the purchaser may direct redemptions, withdrawals, changes in beneficiary, or other contract changes.
You may lose money by participating in the Plan. No part of a contract is a deposit or obligation of, or is guaranteed or insured by, the Board, the state of Texas, or any agency or agent thereof. The contracts have not been registered with or approved by the SEC or any state. Purchasers should carefully consider the risks, fees, charges, and expenses associated with contracts, including Plan termination and reduced Transfer or Refund Value. Transfer Value applies to redemptions at Texas private colleges and universities, out-of-state colleges and universities, medical and dental schools, career schools, and registered apprenticeship programs and is the lesser of: (1) the costs the units would cover at a Texas public college or university; or (2) the original purchase price of the units plus or minus the Plan’s net investment earnings or losses on that amount. Texas Match the Promise FoundationSM scholarships can only be used at Texas public colleges and universities, and any Transfer Value of a Match the Promise Foundation scholarship account cannot be utilized. The Plan Description and Master Agreement contain 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 the Plan Description and Master Agreement, and all other Plan documents carefully before purchasing a contract.
© 2023 Texas Prepaid Higher Education Tuition Board. “Texas Tuition Promise Fund” is a registered service mark of the Texas Prepaid Higher Education Tuition Board. All rights reserved.