Texas changes mind on refund policy changes

The Texas Higher Education Tuition Board has reversed its August 2009 decision that would have eliminated the payment of tuition-based earnings on refunds requested from the Texas Guaranteed Tuition Plan. The decision to reverse the change was spurred by an outcry from plan participants and approved at a Nov. 5 2009 board meeting. The reversal becomes official when the board meets again on Dec. 23 2009 to vote on it.

Plan participants who cancelled their contracts after August 17, 2009 now have the opportunity to have those contracts reinstated. They must file a notice of intent to rescind by Dec. 31 2009.

Plan participants with "non-matriculated accounts" who have not cancelled their contracts still have the opportunity to do so by Jan. 31 2010 to receive actuarial lump sum value.

Details are set out on the plan website.
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