Contracts may be purchased in single lump sum payment or in annual or monthly installments.

The monthly installments can be made via electronic funds transfer (automatic bank draft); payment coupons; or payroll deduction. Installment plans are available for five or ten years, or they can be calculated based on the number of years until the beneficiary's high school graduation.

To lower your scheduled payment, you may also change your contract to reduce benefits (such as changing from the Senior College Plan to the Junior College Plan) at any time. Just write the Texas Guaranteed Tuition Plan and ask for this change to a lower priced plan. There is a $50 fee for these plan changes. You may also change payment schedules such as changing from five year to ten year payments. There is a $15 fee for changing a contract’s payment schedule.