SAN ANTONIO -- Parents who decided to cancel investing in a state college tuition plan will get a generous refund.

The Texas Prepaid Higher Education Tuition Board voted to cancel rules set in May that would have drastically cut the value of refunds.

After a period for public comment a final board vote is set for December.

The reinstated refund formula is based on the current value of tuition when a plan is canceled. Since deregulation, tuition has skyrocketed. So now, a family that's paid in $11,000 could cancel and receive a refund of approximately $30,000.

In May, the formula was changed to limit refunds to the actual amount of money paid into the program, less administrative fees.

Approximately 5,000 families decided to bail out of the plan after that change was announced. They now have until Dec. 31 to decide if they want to get back in.

The plan was formerly known as the Texas Tomorrow Fund.

At the heart of the issue is soaring tuition rates and a fund that's going broke.

State Comptroller Susan Combs has said there is not enough money to meet the obligations of the 119,000 students whose families have joined the program.

Combs has estimated the shortfall will be felt as early as 2015 and is calling on state lawmakers to find a solution and money in the 2011 legislative session.