TEXAS — A new player is stepping into Texas’ education system — helping design and run the state’s school voucher program known as Texas Education Freedom Accounts, or TEFA.
What You Need To Know
The Texas Comptroller’s Office has selected Odyssey, a finance and technology company based in New York, to manage TEFA
Supporters say the program will give parents more options and make the system more efficient. But critics, including state Rep. James Talarico, D-Austin, are raising questions about the politics behind the contract
Campaign finance records show Jeff Yass, a billionaire hedge fund investor and longtime supporter of school choice initiatives, contributed $500,000 to Odyssey in 2023 and $18 million to Abbott during the 2024 election cycle
Odyssey has faced scrutiny in other states. In Idaho, an audit flagged $180,000 in improper purchases within a similar program it managed
The program will allow eligible parents to use public funds for private school tuition, tutoring, homeschooling materials and other education-related expenses.
The Texas Comptroller’s Office has selected Odyssey, a finance and technology company based in New York, to manage TEFA. The company will handle parent applications, verify eligibility, issue payments to approved providers and review complaints from participating families.
Supporters say the program will give parents more options and make the system more efficient.
But critics, including state Rep. James Talarico, D-Austin, are raising questions about the politics behind the contract.
“The comptroller and governor decided to go with a company with close ties to one of the governor’s mega-donors, a Pennsylvania billionaire who gave [Gov.] Greg Abbott $12 million in the last election so that he would pass vouchers,” said Talarico.
Campaign finance records show Jeff Yass, a billionaire hedge fund investor and longtime supporter of school choice initiatives, contributed $500,000 to Odyssey in 2023 and $18 million to Abbott during the 2024 election cycle.
A spokesperson for Abbott said the governor’s office “is not involved with implementation of the school choice program, including contracting decisions.”
Despite that, political observers say the connections reflect a broader, nationwide push to expand private-school funding and voucher programs across the country.
Under TEFA, families will apply through Odyssey’s online portal. Once approved, funds will be distributed directly to schools or service providers, and Odyssey will oversee compliance and handle complaints.
“The proof will be in the pudding,” said Matthew Wilson, a political science professor at Southern Methodist University. “Once this actually gets rolling, we’ll see whether they can achieve a smooth rollout or whether it becomes chaotic.”
The Texas Comptroller’s Office says it’s moving quickly to launch the program in January 2026, adding in a statement that its focus remains on “giving parents the freedom to choose the best educational path for their children to reach their God-given potential.”
Odyssey has faced scrutiny in other states. In Idaho, an audit flagged $180,000 in improper purchases within a similar program it managed.
“This company has already been found to misuse taxpayer funds in other states,” said Talarico. “Now they’re coming to Texas to do the same.”
With TEFA set to launch in a matter of months, parents, lawmakers and watchdog groups will watch closely to see how the program handles taxpayer funds — and whether it truly expands educational freedom for Texas families.