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Deadline nears for state’s Guaranteed Education Tuition ‘GET’ plan
Families looking for a safe and convenient way to save for college have until May 31 to enroll in GET. Thousands of parents are continuing to opt for the state’s guarantee and GET’s flexible, tax-advantaged options for saving. After May 31, enrollment will be closed until the fall, when it will reopen at a higher price.
Though recent media coverage has prompted questions, no changes have been made to the program. GET will continue to enroll families and the state guarantee is secure.
GET accounts can be used to attend almost any public or private college, university, or vocational school in the country. As a 529 plan, GET offers tax-free growth and withdrawals.
The cost of one GET unit today is $163. The future value of 100 units is equal to one year of resident, undergraduate tuition and required state fees at the highest-priced Washington public university (UW or WSU), no matter how much tuition increases. Families can buy any amount from 1 to 500 units per student, though the average GET account holds just under 200 units. Betty Lochner, director of the GET program, encourages families to save an amount that fits best within their budget. "With tuition costs soaring, GET is a very good option, especially for families with young children. Parents who start early have the opportunity to save literally thousands of dollars on the future cost of college," she said.
Over 11% of new accounts are opened by a child’s grandparents.
Go to GET's Web site at www.get.wa.gov or call (800) 955-2318.