Senator Michael F.Q. San Nicolas introduced resolution 477-32 requesting that the University of Guam and the Guam Community College establish a prepaid tuition plan. Prepaid tuition plans allow individuals to buy tuition credits that entitle the beneficiary a specific number of credit hours at a designated educational institution. This offers students and their parents the ability to lock in tuition prices and protect against tuition increases in the future.
Eighteen state university systems have prepaid tuition programs including Guaranteed Education Tuition (GET) of Washington , the Nevada Prepaid Tuition Program, the Texas Tomorrow Fund and Kentucky’s Affordable Prepaid Tuition (KAPT).
“Education is the key to a brighter future for many of our island residents and we must keep tuition affordable. Prepaid tuition plans, already available in many states, are an excellent way to protect against future tuition increases and keep college accessible,” said Senator San Nicolas.
The educational institutions can also benefit from these prepaid tuition programs because they can receive tuition money upfront which can be used to pay for infrastructure upgrades and program development that benefits the institution and students.
“It’s a win win for that allows the institution to use prepaid tuition funds to invest in building projects and degree program enhancements to attract faculty and students, and that future students can take advantage of when they are enrolled,” said Senator San Nicolas.
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