TEXAS GUARANTEED TUITION PLAN ACTUARY S REPORT ON PROGRAM SOUNDNESS

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1 TEXAS GUARANTEED TUITION PLAN ACTUARY S REPORT ON PROGRAM SOUNDNESS AUGUST 31, 2009 December 2009

2 Texas Guaranteed Tuition Plan Actuary s Report on Program Soundness August 31, 2009 Contents Page Section I Executive Summary 1 Section II Summary of Contract Data and Current Assets 4 Section III Plan Description 7 Section IV Actuarial Methods and Assumptions 9 Section V Soundness of the Plan as of August 31, Section VI Sensitivity Testing 17 Section VII Changes in Surplus 18 Appendix A Active Contract Counts 20 Appendix B Matriculation Information 22

3 Section I Executive Summary Adequacy of the Fund As of August 31, 2009, the Plan had an unfunded liability of $605,557,909. The unfunded liability represents the difference between the sum of the market value of the assets and the present value of the expected future contract payments and the sum of the present value of the expected future tuition and required fees, refunds and expenses. The unfunded liability is $399,237,653 higher than last year s unfunded liability of $206,320,256. The two primary sources of change are: a) Investment asset performance of (7.77%), 14.57% below the assumed investment return of 6.80%. The result was an asset loss of $244.7 million. This estimate may vary from the actual asset performance as determined by the investment consultant. b) Assumption Changes. Changes to the investment return assumption resulted in a $116.7 million increase in the unfunded liability. The table below summarizes current balances: Assets Investments $ 1,502,072,962 Future Contract Collections 141,395,979 Total Assets 1,643,468,941 Liabilities and Surplus Future Contract Benefits and Expenses $ 2,249,026,850 Deficit of Assets over Liabilities (605,557,909) Total Liabilities and Surplus (Deficit) 1,643,468,941 The program s funded ratio is 73.1%. The assumptions used to measure the adequacy of the Plan, which were approved by the Board, are stated in Section III. The most important assumptions are: The investment yield; The rate of increase in tuition/fees; Withdrawal rates; Future new entrants; and Expense. 1

4 Investment Yield The investment yield is the expected long-term net earnings rate of return on the assets. The actuarial valuation of the Plan was determined using the schedule of interest rates found in Section IV. We also assumed the Plan is exempt from federal income tax. It is important to highlight the sensitivity of this analysis to this assumption. As pointed out subsequently, a 25- basis points shortfall in such a goal would place the Plan in a much less favorable position. Additionally, the nature of this type of program involves payment of benefits at fixed future points in time, subjecting the Plan to greater than average investment risk due to short-term fluctuation and in matching investment maturities with expected outlays. Rate of Increase in Tuition/Fees Under statutory changes approved in 2003 by the Texas Legislature, the amount of tuition and required fees paid for each beneficiary who uses a Public Senior College contract to attend a Public Senior College will be the lesser of: 1) actual tuition and required fees; or 2) the weighted average tuition and required fees of all Texas public colleges and universities. Under this formula, Texas colleges and universities must accept this amount as payment in full for a beneficiary who attends a Public Senior College using plan benefits. After careful analysis, the Board selected tuition and fee increase assumptions above an expected rate of inflation. The assumed annual increases were 6.3% for Public Senior Colleges, 5.2% for Junior Colleges and 7.3% for Private Universities. Future New Entrants New contracts in future years would serve: a) to expand the base for spreading fixed expenses; b) to increase the likelihood that the Plan average tuition cost will not exceed Weighted Average Tuition (WAT) by a significant amount; and c) to ensure a large enough fund balance to invest profitably. In 2003 the Board suspended new enrollment in the Plan. For purpose of the actuarial analysis in this report, it is assumed that no future contracts will be sold. Expense In our analysis we provide an expense provision for records administration charges and for general expenses. The provision for fiscal year 2010 is $32 per contract that we assumed will increase 3.5% per year for inflation. 2

5 Bias Against the Program by Purchasers and Beneficiaries Bias is the result of rational decisions by purchasers and beneficiaries. Bias against the Plan is expected and is intrinsic to the purpose of a prepaid tuition program. A basic reason for establishing the Texas Guaranteed Tuition Plan is that the purchase of a contract will increase the commitment of the purchaser to a belief the beneficiary will become qualified to enter college and that the ownership of a contract will cause the beneficiary to be comfortable with a commitment to academic achievement. Bias against the Plan causes the amount the Plan pays to exceed the WAT. WAT is the average tuition/fees weighted by the number of full-time equivalent students. Bias refers to the degree to which the Texas Guaranteed Tuition Plan beneficiaries choose to attend the higher priced school and so cause the Plan to pay out more tuition/fee benefits. According to the amendments to state law, under statutory changes approved in 2003 by the Texas Legislature, the amount of tuition and required fees paid for each beneficiary who uses a Public Senior College contract to attend a Public Senior College will be the lesser of: 1) actual tuition and required fees; or 2) the weighted average tuition and required fees of all Texas public colleges and universities. Under this formula, Texas public colleges and universities must accept this amount as payment in full for a beneficiary who attends a Public Senior College using plan benefits. The statutory change removes the bias against the Plan by the Plan beneficiaries choosing to attend the higher priced school, because the maximum tuition/fees payout is limited by the WAT. However, these amendments do not apply to community colleges. The assumed bias load was 10.0% for community colleges. Use of Report This report is prepared solely to assist the Board of the Texas Guaranteed Tuition Plan in evaluating the actuarial soundness of the Plan each year. The report is not intended and is not suitable for any other purpose. Accordingly, Buck Consultants does not intend this report or the data contained therein to be used as personal financial advice. Other readers of this report should consult with their own financial advisors regarding the application of this report to their particular circumstances. 3

6 SECTION II Summary of Contract Data and Current Assets Contract Data A contract inventory report as of August 31, 2009 was extracted from Plan data. The contract inventory report presents the number of credit hours issued net of cancellations by contract type, number of years of tuition, grade or age of beneficiary and payment option. The contracts issued in 1996 were for 30 credit hours. The contracts issued after 1996 were for 32 credit hours. The credit inventory (number of hours) as of August 31, 2009 is summarized in the following table. Plans Lump Sum Five-Year Monthly Ten-Year Monthly Payment Options Extended Five-Year Monthly Annually Ten-Year Annually Extended Annually 1996 Enrollment Sr. College 393, , , , Jr. College 5,144 6,168 8,620 17, Jr. & Sr. College 26,340 31,114 45,263 85, Private College 3,757 4,303 3,505 4, Total , , , , Enrollment Sr. College 376, , , , Jr. College 3,154 4,277 4,164 7, Jr. & Sr. College 17,786 21,766 28,805 34, Private College 17,859 4,799 2,815 3, Total , , , , Enrollment Sr. College 296,260 88, , ,890 79,204 33,598 19,745 Jr. College 2,182 1,130 1,958 2, Jr. & Sr. College 11,517 7,319 13,274 18,052 4,137 1,678 1,682 Private College 7,519 2, ,623 1,953 1, Total ,478 98, , ,173 85,680 36,604 21, Enrollment Sr. Coll ege 203,789 60, , ,379 60,776 24,255 15,582 Jr. College 1, ,048 1, Jr. & Sr. College 10,333 6,176 11,605 14,130 2,889 1, Private College 5, ,152 1,412 3, Total ,318 67, , ,848 67,676 26,537 16, Enrollment Sr. College 259, , , ,155 76,876 31,632 24,043 Jr. College 2,064 2,150 1,887 2, Jr. & Sr. College 11,908 12,016 17,165 17,530 3,187 2,547 1,517 Private College 4, ,185 1,110 2, Total , , , ,273 83,651 35,043 26,170 4

7 Plans Lump Sum Five-Year Monthly Ten-Year Monthly Payment Options Extended Monthly Five-Year Annually Ten-Year Annually Extended Annually 2001 Enrollment Sr. College 273, , , , ,532 45,895 38,727 Jr. College 3,375 2,813 2,724 8, Jr. & Sr. College 21,047 15,911 21,015 42,748 8,188 4,129 6,120 Private College 7,696 1,610 1,005 3,404 2,745 1, Total , , , , ,158 52,258 46, Enrollment Sr. College 339, , , , ,113 52,558 40,479 Jr. College 5,259 4,507 3,295 7, Jr. & Sr. College 19,004 15,814 21,017 31,320 10,286 6,011 5,017 Private College 9, ,485 3,100 3,181 1, Total , , , , ,143 60,609 47, Enrollment Sr. College 814, , , , ,381 91,584 91,712 Jr. College 10,897 3,974 2,351 6,697 1, Jr. & Sr. College 41,790 16,165 16,546 41,482 16,211 8,055 9,235 Private College 28,078 3,075 1,193 4,144 9,478 1,143 1,788 Total , , , , , , ,587 Total Enrollment Sr. College 2,957,104 1,140,007 1,443,493 1,819, , , ,819 Jr. College 33,249 25,784 27,047 54,136 4,657 2,576 2,855 Jr. & Sr. College 159, , , ,022 44,898 23,934 24,333 Private College 83,301 18,139 13,076 22,724 23,582 6,392 4,394 Total Enrollment 3,233,379 1,310,211 1,658,306 2,182, , , ,401 The number of active contract counts (for all enrollment years combined) by plan type and projected year of matriculation is included in Appendix A. 5

8 Current Assets The assets are administered by the State Treasury and invested by external managers with whom the Board contracts. The value of the assets as of August 31, 2009 is $1,502,072,962. Asset totals shown below do not include securities lending collateral, investment transfers receivable, tuition contracts receivable or the related obligations for those assets. Assets held as of August 31, 2009: Cash in State Treasury $4,275,704 Investments 1,490,638,357 Interest & Dividends Receivable 12,007,319 Furniture and equipment net of depreciation 9,409 Less Accounts Payable (4,857,827) Total Assets $1,502,072,962 It is assumed that this mix will produce a net annual investment return of 6.30% in fiscal year

9 SECTION III Plan Description Overview The Texas Guaranteed Tuition Plan (Plan) is an Internal Revenue Code Section 529 prepaid tuition plan. It allows the contract holder to lock in the cost of undergraduate college tuition and required fees, thus providing protection against future tuition inflation. At matriculation the Plan will pay, based on the number of credit hours purchased, either 1) the weighted average or actual cost of college tuition and required fees at Texas public colleges and universities, whichever is less, or 2) the estimated average private tuition and required fees at Texas private colleges and universities. The contract holder buys credit hours representing a fixed amount of resident tuition and required fees. When the beneficiary is ready for college, all or a portion of the tuition and required fees will be covered at all four- or two-year public colleges and universities in Texas. The portion of the fees covered will vary based on the type of contract purchased. The contract can also be used to help pay for tuition at all private colleges in Texas and out-of-state institutions. Texas public colleges and universities are required by statute to accept the benefit payments as payment in full for the hours purchased. Eligibility At the time of enrollment, the beneficiary must be a Texas resident or his/her parent must be both the purchaser and a Texas resident. Contract Types The fund will pay the maximum number of credit hours listed below for the type of plan purchased: Junior College Plan Purchaser can prepay up to 64 credit hours of tuition and required fees at any public junior or community college in the state. Senior College Plan Purchaser can prepay up to 160 credit hours of tuition and required fees at any public senior college or university in the state. Junior-senior College Plan Purchaser can prepay up to 64 credit hours of tuition and required fees at any public, community or technical college in the state. In addition, the purchaser can prepay up to 64 credit hours of tuition and required fees for any public senior college or university in the state. Thus, a total of 128 credit hours can be purchased. Private College Plan Provides an estimated average private tuition and required fees, as determined by the board each year. This amount is applied toward any of Texas private or independent colleges for up to 160 credit hours. If tuition and required fees at the private college chosen exceed the estimated average, the beneficiary is responsible for the remaining balance. If the college charges are less than the estimated average, the purchaser can 7

10 request a refund of the difference. Otherwise, only the hours necessary to pay the student s tuition and required fee charges will be deducted from his or her plan. Payment Plans The Plan offers two types of payment plans: Lump Sum and Installment: Lump Sum Entire purchase made in one lump sum payment. Installment Plan Pay every month or once a year. Payment period of 5 years, 10 years, or the number of years until the beneficiary s projected high school graduation date. Refunds The purchaser may receive a refund on the unused portion of the contract. 8

11 SECTION IV Actuarial Methods and Assumptions Actuarial Methods The actuarial method projects the expected future cash flows from contract payments, tuition and refund benefits and expense. These projected future cash flows are discounted to the present and compared to the market value of the assets to indicate the soundness of the Plan. The development of the measurement of soundness has seven stages: Develop base line average tuition and required fees from data provided by the Plan; Project average tuition and required fees through the expected term of the contracts, based on assumptions as to future tuition increases; Determine the nominal cost of expected future tuition and required fees, based on the contract inventory and assumptions as to mortality, disability, voluntary surrender and utilization of benefits; Determine the nominal cost of expected future administrative expenses, based on the contract inventory and the records administration fee schedule, as well as assumptions as to inflation and utilization of benefits; Project future contract payments based on the contracts and assumptions as to mortality, disability and voluntary surrender; Determine the present value of expected future benefits, expenses and contract payments, based on the discount rate assumption; As the indication of soundness, measure the surplus or deficit, which is the difference between the sum of the market value of the assets and the present value of the expected future contract payments and the sum of the present values of the expected future tuition and required fees, refunds and expenses. Actuarial Assumptions Necessary adjustments to reflect new information were made to this year s assumptions. The assumptions were approved by the Board. The revisions to the assumptions, if any, are noted herein. 9

12 Federal Income Tax We assume the income of the Plan is exempt from Federal Income Tax. Tuition/Fee Increase Assumed annual increases in future tuition and required fees remained unchanged from August 31, 2008 report: Public Senior College Junior College Private University 6.3% 5.2% 7.3% Investment Yield The assumed annual net investment yield is illustrated in the following table: Investment Year Yield % % % % % % % % % % Expenses In our analysis we provide an expense provision for records administration charges and for general expense. The provision for fiscal year 2010 is $32 per contract, which we assume will increase 3.5% per year for inflation. Future Participation in the Program It is assumed that no new contracts will be issued in the future. Mortality and Disability Mortality rates for beneficiaries are assumed to follow the 1990 U.S. Life Tables. 10

13 Early Voluntary Surrender of Contract We assumed the following percentages of the public senior college contracts in effect at the beginning of the year would be surrendered during the year. We use similar estimates for the other college types, based on empirical evidence: Years From Purchase Lump Sum Five-Year Payments Ten-Year Payments Extended Payments 1 to % 6.30% 8.80% 13.70% 2 to % 3.60% 5.30% 6.00% 3 to % 1.50% 2.30% 3.00% 4 to % 1.00% 2.00% 3.00% 5 to % 0.50% 1.30% 2.00% After 6 Years 0.80% 1.30% 0.70% 2.30% Matriculation Percent We assumed the beneficiary of a contract not voluntarily surrendered matriculates at the date specified in the contract. Dropout Rate We assumed beneficiaries use the number of credits specified in the contract. Utilization of Credits We assumed beneficiaries use the credits specified according to the following schedule: Type of Contract First Year Second Year Third Year Fourth Year Fifth Year Sixth Year Five Year Contracts 20% 20% 20% 20% 15% 5% Four Year Contracts 25% 24% 23% 20% 8% 0% Three Year Contracts 30% 30% 30% 10% 0% 0% Two Year Contracts 50% 40% 10% 0% 0% 0% One- Year Contracts 80% 20% 0% 0% 0% 0% Frequency of Beneficiary Replacement We assumed no replacement of beneficiaries. Bias We assumed no bias load for universities and a bias load of 10.0% for community colleges. 11

14 SECTION V Soundness of the Plan as of August 31, 2009 As a measure of the soundness of the Plan as of August 31, 2009, we determined the difference between the value of the assets and the actuarial present value of the future contract payments and the actuarial present value of future benefits and expenses. This measurement of soundness is summarized on the following pages. A projection of the status of the Plan at each future anniversary date through the life of these contracts is presented on page 15, labeled Present Value of Assets and Liabilities. The projections of future benefits and expenses and contract payments are presented on page 16, labeled Expected Cash Flows. Our measurement of the present value and projection are based on asset and contract information provided and on the assumptions chosen by the Board. 12

15 Funded Status The liabilities of the trust fund exceed the value of assets as of August 31, 2009 (including the value of future payments by contract purchasers) by $ million. The funded ratio, assets divided by liabilities, is equal to 73.1%. Asset totals shown below do not include securities lending collateral, investment transfers receivable or the related obligations for those assets. The assumptions used to perform the actuarial valuation of the fund were approved by the Board and are described in Section III. Total: $1,643.5 Million Total: $2,249.0 Million Future Contract Payments $141.4 Million Current Assets $1,502.1 Million Tuition/Fee Payments $2,249.0 Million Assets Liabilities 13

16 Cash Flow Projection The expected income and disbursements of the trust fund, based on the assumptions used in the actuarial valuation, and the current group of contract beneficiaries, are shown below. These amounts are cash amounts, not present value amounts. (thousands) 1,500,000 1,000,000 Assets Payments Out of Fund Payments into Fund + Investment Income 500, ,000 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31-1,000,000-1,500,000-2,000,000 Fiscal Year End 14

17 Present Value of Assets and Liabilities 8/31 of Year Present Value of Future Benefit and Expenses Value of Assets and Present Value of Future Collections Deficit of Assets to Liabilities ,249,026,850 1,643,468,941 (605,557,909) ,173,570,057 1,537,699,546 (635,870,510) ,083,317,650 1,411,711,466 (671,606,184) ,998,392,837 1,287,119,329 (711,273,508) ,889,370,314 1,133,434,701 (755,935,613) ,752,890, ,003,518 (804,886,961) ,598,736, ,222,138 (856,513,940) ,434,207, ,397,703 (910,810,124) ,261,327, ,319,653 (966,008,275) ,085,089,405 65,472,400 (1,019,617,004) ,961,910 (163,145,071) (1,069,106,981) ,439,388 (388,769,915) (1,114,209,303) ,218,190 (608,119,667) (1,155,337,857) ,546,972 (832,017,833) (1,191,564,805) ,681,358 (1,016,792,843) (1,228,474,202) ,934,277 (1,165,067,963) (1,268,002,240) ,942,977 (1,278,231,252) (1,312,174,229) ,212,855 (1,356,920,697) (1,363,133,553) ,144,130 (1,418,404,607) (1,419,548,737) ,051 (1,478,444,984) (1,479,082,036) ,194 (1,540,850,193) (1,541,136,387) ,578 (1,605,741,497) (1,605,821,075) (1,673,247,742) (1,673,247,742) 15

18 Expected Annual Cash Flows Fiscal Year Ending Benefit Payments and Expenses Contract Payment Receipts Annual Cash Flow ,054,251 38,159,024 (163,895,227) ,486,766 32,033,809 (180,452,958) ,515,179 25,691,032 (176,824,147) ,812,710 18,684,803 (202,127,907) ,499,878 13,387,038 (227,112,840) ,901,055 11,300,018 (237,601,037) ,548,364 9,437,474 (239,110,890) ,750,512 7,602,332 (237,148,180) ,961,765 5,839,597 (229,122,168) ,911,664 4,174,591 (219,737,073) ,666,858 2,680,706 (208,986,152) ,427,433 1,385,623 (195,041,810) ,991,486 25,819 (191,965,667) ,023,642 0 (145,023,642) ,183,142 0 (102,183,142) ,169,984 0 (62,169,984) ,201,733 0 (24,201,733) ,349,247 0 (4,349,247) ,543 0 (452,543) ,708 0 (300,708) ,111 0 (170,111) ,160 0 (63,160) Note: The amounts shown above are annual expected amounts for the year corresponding to the Fiscal Year Ending column. They are not cumulative amounts. In addition, Payment Receipts are frontloaded. Therefore, the Expected Annual Cash Flows project positive cash flows in the early years and negative in the later years. It is expected that positive cash flows prior to Fiscal Year Ending 2010 would be invested to cover the negative cash flows in future years. 16

19 SECTION VI Sensitivity Testing The Program operates under conditions of risk and uncertainty. For example, while it is assumed the assets of the fund will earn the annual net rate found in Section IV, we also expect actual returns to vary from year to year. To accept the reasonableness of the basis for the measurement of the soundness, it is useful to know how the status of the fund may be affected by the vagaries of the markets and other factors. We have rerun the valuation under the following alternative scenarios, and the deficit as of August 31, 2009 under each of these scenarios is presented in the following table: Scenarios Deficit Baseline 605,557,909 Tuition increases are 25 basis points higher in each future year than assumed 636,708,870 The investment return is 25 basis points lower than assumed 633,699,907 Tuition increases are 25 basis points higher in each future year and the investment return is 25 basis points lower than assumed 665,473,634 Tuition increases are 25 basis points lower in each future year than assumed 574,979,663 Tuition increases are 25 basis points lower in each future year and the investment return is 25 basis points lower than assumed 602,512,628 The investment return is 50 basis points lower than assumed 662,481,139 The investment return is 75 basis points lower than assumed 691,919,535 The investment return is 100 basis points lower than assumed 722,033,605 Tuition increases are 50 basis points higher in each future year than assumed 668,444,166 Tuition increases are 75 basis points higher in each future year than assumed 700,775,656 Tuition increases are 100 basis points higher in each future year than assumed 733,715,443 17

20 SECTION VII Changes in Surplus Adequacy of the Fund As of August 31, 2009, the Plan had an unfunded liability of $605,557,909. The unfunded liability represents the difference between the sum of the market value of the assets and the present value of the expected future contract payments and the sum of the present value of the expected future tuition and required fees, refunds and expenses. The unfunded liability is $399,237,653 higher than last year s unfunded liability of $206,320,256. The two primary sources of change are: a) Investment asset performance of (7.77%), 14.57% below the assumed investment return of 6.80%. The result was an asset loss of $244.7 million. b) Assumption Changes. Changes to the investment return assumption resulted in a $116.7 million increase in the unfunded liability. Following is a comparison of the assumed and the actual results for the year ended August 31, Investment Return Assets performed worse than expected during the 2009 fiscal year, returning (7.77%) versus the prior year assumption of 6.80%. The result was an asset loss of $244.7 million. The extent that investment experience exceeds tuition increases will result in an actuarial gain. Tuition and Required Fee Increase The Weighted Average Tuition (WAT) for Senior College increased from $6,943 to $7,362, an increase of 6.34% compared to the assumed 6.30% increase. The Junior College WAT increased from $2,051 to $2,172, an increase of 5.90% compared to the assumed 5.20% increase. The Private College WAT increased from $18,082 to $19,088, an increase of 5.56% compared to the assumed 7.30% increase. The tuition experience resulted in an actuarial gain of approximately $6.5 million. Bias Against the Program by Purchasers and Beneficiaries The design of the program removed the bias relating to beneficiaries of Texas Guaranteed Tuition Plan contracts attending relatively higher priced universities. However, there was still an 8.1% bias for community colleges as calculated by comparing the actual tuition and fee payment for the contract beneficiaries who attend community colleges to the expected payout based on program assumptions. Therefore the bias was 1.9% less than the 10.0% expected by last year s valuation, resulting in an actuarial gain of $65,000. Expense The assumption for records administration charges and general expenses remains at $32 per contract for fiscal year 2009, with an increase of 3.5% per year in each future year for inflation. But the prior year s report assumed that expenses would increase to $ This results in an actuarial gain of $0.6 million. 18

21 Voluntary Withdrawal and Contract Reductions There were approximately 917 contracts surrendered during the year. This is less than the 1,127 expected, creating a gain and reducing the present value of expected payments by contract holders. Gain/Loss Summary During the last year, the plan experienced a $268.5 million actuarial loss. The sources of the (gain)/loss are as follows: (Gain) / Loss (millions) Asset Loss (-7.77% return) $244.7 Tuition Inflation Gain (6.5) Expense (0.6) Bias (0.1) Withdrawal and Matriculation 31.0 Total Loss $268.5 Assumption Change There were no assumption changes other than the investment return. Changes to the investment return assumption resulted in a $116.7 million increase in the unfunded liability. Combined with the actuarial loss of $265.5 million, results in the total unexpected increase in unfunded liability of $385.2 million. 19

22 TEXAS GUARANTEED TUITION PLAN Active Contract Counts for All Enrollment Periods - Appendix A As of August 31, 2009 Matriculation Plan Year , , , , , , , , , , , , , , , , , , , , Total 8,812 70,891 2,583 7,320 3,336 2, , , % of Total 8.34% 67.06% 2.44% 6.92% 3.16% 2.47% 0.56% 1.21% 0.05% 0.14% 0.11% 0.04% 6.44% 0.75% 0.00% Key to Plan Type: 1. Jr/Sr - 2/2 4. Sr - 2 Yr 7. Jr - 1 Yr 10. Pr - 2 Yr 13. Sr - 5 Yr 2. Sr - 4 Yr 5. Sr - 1 Yr 8. Pr - 4 Yr 11. Pr - 1 Yr 14. Sr - 4 Yr +8Hrs 3. Sr - 3 Yr 6. Jr - 2 Yr 9. Pr - 3 Yr 12. Jr/Sr - 2/2 + 4Hrs 15. Sr - 4 Yr + 6Hrs 20

23 TEXAS GUARANTEED TUITION PLAN Active Contract Counts for All Enrollment Periods - Appendix A As of August 31, 2009 Matriculation Plan Year Total % of Total % % % % % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % % % % % % Total ,713 % of Total 0.01% 0.01% 0.03% 0.02% 0.02% 0.00% 0.07% 0.16% Key to Plan Type: 16. Sr - 4 Yr + 4Hrs 21. Sr - 2 Yr + 4Hrs 26. Pr - 4 Yr + 4Hrs 31. Pr - 2 Yr + 4Hrs 17. Sr - 4 Yr + 2Hrs 22. Sr - 2 Yr + 2Hrs 27. Pr - 4 Yr + 2Hrs 32. Pr - 2 Yr + 2Hrs 18. Sr - 3 Yr + 6Hrs 23. Sr - 1 Yr + 2Hrs 28. Pr - 3 Yr + 6Hrs 33. Pr - 1 Yr + 2Hrs 19. Sr - 3 Yr + 4Hrs 24. Pr - 4 Yr + 8Hrs 29. Pr - 3 Yr + 4Hrs 34. Sr Add'l Year 20. Sr - 3 Yr + 2Hrs 25. Pr - 4 Yr + 6Hrs 30. Pr - 3 Yr + 2Hrs 35. Pr - 5 Yr 21

24 Texas Guaranteed Tuition Plan Contracts Matriculation Information FY 2009 Payments to Community Colleges Appendix B Texas Community College Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Alvin Community College Amarillo College , Angelina College , Austin Community College 668 4, , Blinn College 540 4, , Brazosport College , Brookhaven College , Cedar Valley College , Central Texas College , Cisco College , Clarendon College , Coastal Bend College , College of the Mainland , Collin County Community College 216 1, , Del Mar College , Eastfield College , El Centro College , El Paso Community College , Frank Phillips College Galveston College , Grayson County College , Hill College , Houston Community College , Howard College , Kilgore College , Lamar State College Orange , Lamar State College Port Arthur , Laredo Community College , Lee College , Lone Star College System District 297 1, , McLennan Community College , Midland College , Mountain View College , Navarro College , North Central Texas College , North Lake College , Northeast Texas Community College , Northwest Vista College 136 1, , Odessa College , Palo Alto College , Panola College , Paris Junior College , Ranger College , Richland College , San Antonio College 178 1, , San Jacinto College Central , San Jacinto Community College District 133 1, , South Plains College 132 1, , South Texas College , Southwest Texas Junior College ,

25 Texas Guaranteed Tuition Plan Contracts Matriculation Information FY 2009 Payments to Community Colleges Appendix B Texas Community College Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour St. Philips College , Tarrant County College Ft. Worth (NW) , Tarrant County College Hurst , Tarrant County College SE Campus , Tarrant County College South Campus , Temple College , Texarkana College , Texas State Technical College Harlingen , Texas State Technical College Marshall , Texas State Technical College Sweetwater , Texas State Technical College Waco , Trinity Valley Community College , Tyler Junior College , UTB & Texas Southmost College , Vernon College , Victoria College , Weatherford College , Western Texas College , Wharton County Junior College , Total 4,882 37, ,505,

26 Texas Guaranteed Tuition Plan Contracts Matriculation Information FY 2009 Payments to Proprietary Institutions Appendix B Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Texas Proprietary Institutions Academy of Health Care Professions NL , Academy of Health Care Professions-San Antonio , Alamo Community College Continuing Education , Allied Health Careers , American Intercontinental University - Houston 1 6 1, Art Institute of Austin , Art Institute of Dallas , Art Institute of Houston , ATI Career Training Center North Richland Hills , Austin Community College Continuing Education , Bradford School of Business , Center for Advanced Legal Studies , Central Texas College Aviation Division , Central Texas College Distance Learning , Collin County Special Billing Commonwealth Institute of Funeral Service , Computer Career Center Court Reporting Institute of Dallas , Court Reporting Institute of Houston , Dallas County Community College LeCroy Center , DeVry University Houston , DeVry University Irving , Eastfield College Continuing Education Everest College Fort Worth , Hallmark Institute of Technology , International Academy of Design and Technology , ITT Technical Institute Arlington , ITT Technical Institute Austin , ITT Technical Institute Houston West 1 8 1, ITT Technical Institute Richardson , ITT Technical Institute San Antonio , KD Studio , Le Cordon Bleu-Dallas , Lincoln College of Technology , Remington College , Remington College Fort Worth , Sam Houston State University Correspondence Dept , South Plains College Continuing Education Texas A&M Commerce Correspondence Division Texas A&M University Health Science Center , Texas A&M University Study Abroad Programs Ofc , Texas Culinary Academy 18 1, , Texas Engineering Extension Service ,

27 Texas Guaranteed Tuition Plan Contracts Matriculation Information FY 2009 Payments to Proprietary Institutions Appendix B Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Texas Proprietary Institutions Texas State University Office of Correspondence , Texas Tech Outreach & Extended Studies , Texas Tech Study Abroad , Texas Tech University-Rawls College of Business , Universal Technical Institute Houston , University Extension UT Austin , University of North Texas Health Science Center , University of Texas at Arlington On Line Courses , University of Texas at Austin Engineering Co-op Ofc University of Texas Center for Lifelong Engineering Ed University of Texas Health Science Center at Houston , University of Texas Health Science San Antonio , UT in DC , UT McCombs School of Business CIBER , UT Study Abroad Office / International Office , Virginia Austin , Wade College , West Texas A&M University Continuing Education 2 6 1, Westwood College of Technology , Total 495 7,599 1,604,

28 Texas Guaranteed Tuition Plan Contracts Appendix B Matriculation Information FY 2009 Payments to Texas Four-Year Public Universities Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Texas Four-Year Public University Angelo State University 157 3, , Lamar Institute of Technology , Lamar University 131 3, , Midwestern State University 112 2, , Prairie View A&M University , Sam Houston State University ,634 2,382, Stephen F. Austin State University ,235 2,039, Sul Ross State University Alpine , Tarleton State University 217 5, , Texas A&M International University 41 1, , Texas A&M University College Station 3,259 83,781 18,032, Texas A&M University Commerce 81 1, , Texas A&M University Corpus Christi 214 5,406 1,021, Texas A&M University Galveston 106 2, , Texas A&M University Kingsville 80 1, , Texas A&M University Texarkana , Texas Southern University , Texas State University San Marcos 1,387 33,394 7,024, Texas Tech University 1,753 44,427 9,475, Texas Tech University Health Sciences Center 52 1, , Texas Woman's University 155 3, , University of Houston ,017 2,958, University of Houston Clear Lake , University of Houston Downtown 85 1, , University of Houston Victoria , University of North Texas 1,121 26,653 5,559, University of Texas at Arlington 420 9,502 2,026, University of Texas at Austin 2,922 73,596 16,212, University of Texas at Brownsville , University of Texas at Dallas 287 6,835 1,503, University of Texas at El Paso 136 3, , University of Texas at San Antonio ,099 4,657, University of Texas at Tyler 132 2, , University of Texas of the Permian Basin , University of Texas Pan American 142 3, , West Texas A&M University 135 3, , Total 15, , ,296,

29 Texas Guaranteed Tuition Plan Contracts Matriculation Information FY 2009 Payments to Texas Private Institutions Appendix B Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Texas Private Institutions Abilene Christian University 98 2, , Amberton University 1 9 1, Austin College 67 1, , Baylor College of Dentistry , Baylor College of Medicine , Baylor Law School 1 6 1, Baylor University ,926 3,353, Concordia University Austin , Criswell College , Dallas Baptist University , Dallas Christian College , Dallas Theological Seminary 2 8 1, East Texas Baptist University , Hardin-Simmons University 53 1, , Houston Baptist University , Howard Payne University , Huston-Tillotson University 1 6 1, Jacksonville College 1 6 1, Jarvis Christian College , Le Tourneau University , Lon Morris College , Lubbock Christian University , McMurry University , Northwood University Texas , Our Lady of the Lake University , Rice University 74 2, , Schreiner University , South Texas College of Law , Southern Methodist University 154 4,373 1,068, Southern Methodist University Continuing Studies 1 5 1, Southwestern Assemblies of God University , Southwestern Baptist Theological Seminary , Southwestern University 102 3, , St. Edwards University 157 4, , St. Mary's University 48 1, , Texas Chiropractic College , Texas Christian University 312 8,789 2,109, Texas Lutheran University 51 1, , Texas Wesleyan School of Law , Texas Wesleyan University ,

30 Texas Guaranteed Tuition Plan Contracts Matriculation Information FY 2009 Payments to Texas Private Institutions Appendix B Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Texas Private Institutions Trinity University 130 3, , University of Dallas , University of Mary Hardin-Baylor 77 1, , University of St. Thomas , University of Texas Medical Branch at Galveston , University of Texas Southwestern Medical Center at Dallas , University of the Incarnate Word 64 1, , Wayland Baptist University , Total 2,287 62, ,627,

31 Texas Guaranteed Tuition Plan Contracts Matriculation Information Appendix B Number of Semester Tuition and Average Paid Per Contracts Hours Fees Paid Semester Hour Matriculation Information: Executive Summary Texas Universities Texas Community Colleges 4,882 37,774 5,505, Texas Proprietary Institutions 495 7,599 1,604, Texas Four-Year Public Universities 15, ,415 81,296, Texas Private Institutions 2,287 62,694 14,627, Total Texas Institutions 23, , ,033, Out-Of-State Institutions Out-of-State Community Colleges 164 1, , Out-of-State Proprietary Institutions , Out-of-State Universities 1,833 46,088 10,217, Out-of-State Private Universities 1,226 35,424 8,542, Total Out-Of-State Institutions 3,239 83,842 19,200, Grand Total* 26, , ,234, * There are a total of 24,720 contracts in matriculation status on August 31, This is different than the total seen in the chart above due to 1,950 students attending multiple schools in the same semester. Total Enrollment Texas Community Colleges 8.58% 12.14% 18.31% 1.86% Texas Proprietary Institutions Texas Four-Year Universities Texas Private Universities 59.12% Total Out-Of-State Institutions Total Tuition and Fee Payments Texas Community Colleges 11.97% 15.71% 4.50% 1.31% 66.51% Texas Proprietary Institutions Texas Four-Year Universities Texas Private Universities Total Out-Of-State Institutions 29

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