Gov. Greg Abbott says he's supporting a $1 billion increase to Texas Tech's endowment that will help the university keep its Tier One status.
The governor was in Lubbock this week for his "Celebration of Texas” campaign and while there he told Tech fans he was supporting the increase so that the university could continue to compete with other schools across the country.
“We want the university to rank academically as high in the polls as your basketball team,” Abbott told the crowd. “That is my goal.”
WHAT DOES THIS MEAN FOR RED RAIDERS?
Endowment funds are investments set up for institutions to provide financial stability in how a university is run and are intended to fund specific areas such as professorships, scholarships, and fellowships.
The billion-dollar investment would be a 60% increase over the current endowment valued at $1.69 billion.
If the Tier-One school receives the perpetual gift, it could directly benefit the students by supporting and allowing them to continue research and help make a difference for generations to come.
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“We have a vision for the future of education of higher education in our state and we want to make sure that all of our universities are the best,” assured Abbott.
Texas gained its seventh Tier One school after UT-San Antonio achieved Carnegie Tier One Status last year.
This was Abbott’s second stop of his tour following his kick-off in San Antonio as he seeks re-election ahead of Republican primary elections in March.
Early voting for the primary election begins on Feb. 14 and will run through Feb. 25. You can check here or with your local county for more information on where and how to vote.