Prepaid plan offers scholarships

AUSTIN (KXAN) - To encourage families to put aside money for the cost of higher education, the Texas Comptroller’s office is offering competitive matching scholarships and tuition grants to 150 students this year through the Texas Match the Promise Foundation®.

The matching scholarships and tuition grants are available for sixth through ninth graders whose families have an income of $75,000 or less and participate in the Texas Tuition Promise Fund® (TTPF) – the state’s prepaid college tuition plan.

“One of the greatest assets any child can have is a strong education,” Texas Comptroller Susan Combs said. “Match the Promise helps Texas children realize their dreams of a college education and a bright future.”

Families participating in TTPF purchase prepaid “tuition units” that can later be used toward undergraduate tuition and required fees at Texas public colleges and universities. Match the Promise will award tuition units to approved recipients, supplementing what a TTPF participant contributes to their account.

There are two levels of scholarships: a match of up to $500 worth of the same number and type of tuition units a participant purchases; and a one-time grant of tuition units worth $2,000 at today’s prices.

The matching scholarships will be approved for up to 150 top scoring applicants. The five applicants who score the highest will receive the one-time grant. (A minimum of $100 must be contributed to an approved recipient’s TTPF account to receive a matching scholarship or grant.)

Eligible applicants can apply for Match the Promise now through Dec. 31. Families can also enroll in TTPF during this time if they haven’t already done so.

Students must write a career essay and submit a copy of their 2011-12 school report card or transcript with the scholarship application. Scholarship winners will be notified by March 31, and will have until Aug. 31 to meet contribution requirements.

For more information about eligibility requirements, the application process and selection criteria go to www.MatchThePromise.org or call 1-800-531-5441, ext. 3-7570.

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 donations from individuals, businesses and organizations through the state's Texas.gov website .

The Texas Match the Promise Foundation is a 501(c)(3) federal tax-exempt public charity and is eligible to receive tax-deductible contributions.