Texas Insider Report: AUSTIN, Texas – Comptroller Glenn Hegar reminded Texans that the deadline to apply for Texas Match the Promise Foundation℠ scholarship awards is Dec. 31, 2021. Applicants can use our new online application system or download an application form and mail it in.
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.
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 matching 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.
“Match the Promise scholarships reflect our belief in the importance of higher education and can help young Texans get ready for success,” 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, 2022, 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.
The Texas Tuition Promise Fund® (“Plan”) is administered by the Texas Prepaid Higher Education Tuition Board (“Board”) and Orion Advisor Solutions, Inc. is the plan manager. The Plan and the Board do not provide legal, financial, or tax advice and participants in the Plan should consult a legal, financial, or tax advisor prior to purchasing a contract.
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. Non-residents of Texas should consider whether their home state, or the beneficiary’s home state, offers 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.
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 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 net investment earnings or losses on that amount. Match the Promise FoundationSM scholarships can only be used at Texas public colleges and universities, and Transfer Value cannot be utilized. The Plan Description and Master Agreement contains this and other information about the Plan and may be obtained by visiting texastuitionpromisefund.com or calling 800-445-GRAD (4723), option #5. Purchasers should read all Plan documents carefully before purchasing a contract.
