Students in San Antonio Schools in 2008 will have college savings options that havent existed since 2003. The Texas Tomorrow II plan is a revamped version of the original state savings program that many residents in San Antonio Schools blasted as useless before it was ended in 2003.
The problem with the original plan was that it didnt account for inflation. So San Antonio Schools families who used it as their main vehicle for college savings found themselves no better off. Governor Rick Perry announced this newer version that is based on the purchase of units. Heres how it works.
Imagine a student in the San Antonio Schools hope to attend a decent four year college. The parents would purchase the appropriate number of units that the family can currently afford. Unlike the old plan, families dont have to pay for 2, 4 or 5 years, but whatever they want. The Texas Prepaid Higher Education Board will set prices annually. Currently a two-year college costs 23 units for a full year, and four-year colleges range from 57-81 units.
Proponents in San Antonio Schools and throughout Texas claim that this protects parents because any inflation increases will be paid by...
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