(AUSTIN) — Comptroller Glenn Hegar today reminded Texans that applications now are being accepted for 2020-21 Texas Match the Promise Foundation℠ awards.

The foundation, in cooperation with the Comptroller’s office, encourages Texas families to save for college by offering competitive matching scholarships and tuition grants to eligible Texas students who are beneficiaries of an account in the Texas Tuition Promise Fund^® (TTPF), the state’s prepaid college tuition plan.

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 $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.

“During the 2019-20 school year, the foundation approved Match the Promise scholarships for 61 students,” Hegar said. “That brings our total number of scholarships awarded by the foundation to 531. We’re excited about approving new matching scholarships and tuition grants for children who represent this state’s future.”

Fifth through ninth graders who have a TTPF account and whose families have annual incomes of $100,000 or less can apply for the matching scholarships and tuition grants through Dec. 31, 2020. To be considered for an award, students must write a career essay and meet other requirements.¹ Complete details can be found at MatchThePromise.org or by calling 800-531-5441, ext. 3-7570.

Families also can enroll in TTPF during the scholarship application period if they haven’t already done so. ² TTPF allows families to purchase prepaid tuition units at today’s prices for tomorrow’s undergraduate resident tuition and schoolwide required fees at Texas public colleges and universities, excluding medical and dental institutions. Get more information at TuitionPromise.org.

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.

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 Texas Tuition Promise Fund contracts, including Plan termination and decreased transfer or refund value. Transfer value is limited to the lesser of (1) the costs the Tuition Unit would cover at a public in-state 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. 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 NorthStar or its affiliates. The contracts have not been registered with the U.S. Securities and Exchange Commission or with any state.