PROMPT, an acronym for Panchromatic Robotic Optical Monitoring and Polarimetry Telescopes, is being built by the University of North Carolina at Chapel Hill at Cerro Tololo Inter-American Observatory (CTIO) in Chile. PROMPT's primary objective is rapid and simultaneous multiwavelength observations of gamma-ray burst afterglows, some when they are only tens of seconds old. In addition to measuring redshifts by dropout, and early-time SFDs and extinction curves of sufficiently bright afterglows in unprecedented detail, PROMPT will facilitate quick response observations at larger observatories such as the UNC-led 4.1-m SOAR Telescope. PROMPT will also serve as a platform for undergraduate and high school education throughout the State of North Carolina.