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Oct 30, 2009 6:31 pm US/Central
Texas Comptroller Shifts On Tuition Refund Stance
AUSTIN (AP) ―
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Texas Comptroller Susan Combs
Texas Comptroller Susan Combs, in a policy reversal, will urge a state oversight board to keep a generous refund formula for those who want to cancel their prepaid college tuition plans.
Combs says she'll urge the Texas Prepaid Higher Education Tuition Board on Nov. 5 to cancel new rules that would have cut the value of the refunds. The proposed cuts sparked an outcry among parents and legislators.
In May, the board — which Combs chairs — changed the refund policy to help keep the struggling Texas Guaranteed Tuition Plan solvent.
Under the less generous formula, participants in the plan, formerly known as the Texas Tomorrow Fund, would get the money they put in minus any expenses if they canceled their contracts. The old formula gave contract holders the amount they put in plus investment earnings.
If the board adopts her proposal next week, families will no longer have to cancel their contracts by Nov. 30 in order to get the more generous refund, Combs said in a statement. She said she decided to recommend the change after talking to lawmakers who had expressed concern about the policy.
She asked that legislators study the issue and decide for themselves whether to tinker with the refund formula when they meet again in 2011.
"I believe in responding to legislators, and concur that this issue would be best addressed by the Legislature," Combs said.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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