University of Texas System and University of Texas at Dallas leaders joined elected officials and members of the campus community at UT Dallas on March 16 to share details of the $300 million Promise Plus program, which will greatly expand tuition assistance programs at the University and six other UT System institutions.
UT Dallas’ Comet Promise program currently covers tuition for students whose adjusted gross family income is less than $25,000. The Promise Plus endowment, which will make distributions to UT institutions annually, is expected to generate about $1.5 million for UT Dallas this year, making it comparable to a $30 million endowment. This will raise UT Dallas’ threshold for the program to $65,000. Increasing this threshold and including transfer students will raise the number of eligible students to more than 1,200.
In 2019, the Board of Regents created a $167 million endowment to support students at UT Austin. At the time, Regents Chairman Kevin P. Eltife said he and the board were committed to developing similar programs for all UT academic institutions.
“UT Dallas has done a magnificent job of leveraging UT System investments to generate student success and to benefit the Metroplex and the entire state of Texas,” Eltife said. “And now, Promise Plus will be used to expand educational opportunities for even more students by making it possible for them to earn a UT Dallas degree at no cost.”
The Promise Plus endowment is expected to grow in value over time, consistently increasing the allocation to UT Dallas and benefiting more students year after year.
“Financial challenges should never stand in the way of any Texan who wishes to earn a high-quality UT degree, and I’m grateful to the Board of Regents for this new and important investment in our students,” UT System Chancellor James B. Milliken said. “UT Dallas graduates offer essential expertise to Texas’ strong and competitive economy, and we hope the Promise Plus program makes their educational path financially easier.”
Funding from the Board of Regents continues to play a critical role in UT Dallas’ ascent, said UT Dallas President Richard C. Benson, the Eugene McDermott Distinguished University Chair of Leadership.
“The students who benefit from this support are among the best and brightest,” Benson said. “They are our future leaders, entrepreneurs and innovators. I am incredibly grateful for this support and what it means to our mission at the University.”
Funding from the Promise Plus endowment will add to the almost $293 million that the Board of Regents has invested in UT Dallas over the last 10 years to help advance the institution’s continued rise as a major research hub and to become a model for student achievement and economic vitality for North Texas and the entire state.
Promise Plus by the Numbers
$1.5 million: amount UT Dallas will receive in the first year of the program
$65,000: new adjusted gross family income threshold for the University’s free tuition program, Comet Promise
More than 1,200: additional eligible students for Comet Promise
In 2018, UT Dallas became the youngest institution, and the third in Texas, to become eligible for support from the state’s National Research University Fund. Two years prior, UT Dallas achieved the prestigious Carnegie R1 Classification, indicating that it has reached significant benchmarks in research and academics and the highest levels of excellence, innovation and impact.
Funding for the Promise Plus endowment was generated from a series of investments by UT System financial officers that produced higher-than-expected returns this past fiscal year.
Full-time undergraduate students who are Texas residents and qualify for need-based aid will be eligible to receive Promise Plus funds, which will be used to supplement federal and state aid such as Pell Grants and Toward Excellence, Access & Success (TEXAS) Grants.
“The new Promise Plus funding from the UT System will help many more students graduate without the burden of debt,” said Sophie Huynh, a healthcare studies senior who spoke at the event. “This will open up opportunities and provide help to more students and hopefully give them peace of mind so they can focus on their studies.”
The other institutions that will benefit from the Promise Plus program are UT Arlington, UT El Paso, UT Permian Basin, UT Rio Grande Valley, UT San Antonio and UT Tyler.