Texas Tomorrow fund nearly broke
As much as $2.1 billion of your state tax dollars in the near future will be spent to pay the college tuition and fees for about 119,000 Texas children.Another benefit for Republicans who hate public schools.
This is not a free education for them. Their parents and grandparents bought state-guaranteed prepaid college education plans between 1996 and 2003 known as the Texas Tomorrow Fund, later renamed the Texas Guaranteed Tuition Plan.
Now the fund is nearly broke, a victim of tuition deregulation at state universities and busts in the financial markets that were supposed to provide the investment returns to keep the fund solvent.
Labels: Texas tomorrow fund, tuition deregulation
posted by CouldBeTrue @ 2:45 AM
1 Comments:
As of August 18, 2009, the plan has changed so that participants whose children attend out of state schools, receive scholarships, or die receive only their contributions minus a service charge. I've modified the Wikipedia entries for Texas Tomorrow Fund to note what is apparently a state-sanctioned Ponzi scheme that flies directly in the face of Texans who voted for the constitutional amendment that created the fund.
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