AUSTIN, Texas -- An oversight board has voted to keep a generous refund formula for those who want to cancel their Texas prepaid college tuition plans. The Texas Prepaid Higher Education Tuition Board on Thursday decided to cancel new rules that would have cut the value of refunds. A final board vote is needed in December after a public comment period to reinstate the previous refund policy that reflects the value of tuition, not just the amount paid in. The former Texas Tomorrow Fund, renamed the Texas Guaranteed Tuition Plan, had money trouble and was suspended for new participants after legislators in 2003 deregulated college tuition. Texas families that left the plan, after learning of the refund policy change in May, would have until Dec. 31 to return, getting a year to get caught up on tuition installment payments and interest.
