Comptroller Susan Combs has announced a new pre-pay tuition plan for Texas families. The plan, called the Texas Tuition Promise Fund, will replace the defunct Texas Tomorrow Fund, which was in operation 1996-2003.

The old fund ran out thanks to "a massive shortfall brought on by tuition deregulation," reports The Dallas Morning News.

The Texas Tuition Promise Fund will work like the Texas Tomorrow Fund but cost a whole lot more, according to the newspaper. Whereas a full four years at top-tier schools like the University of Texas at Austin and Texas A&M University cost $8,800 under the old program, the same degree will now cost $39,400.

The paper reports that the old fund included an amendment that protected families in the event the fund went kaput -- which it did -- but left the state picking up the tab for any deficits incurred.

Under the new plan, the universities are responsible for any deficits.