Expanded enrollment in Washington’s prepaid college tuition plan shows that parents are eager to find a secure way to save for college. State officials are predicting a record year for the nation’s fastest growing prepaid tuition plan.
New accounts are up by 15 percent over last year, with only four weeks left until the March 31 enrollment deadline, according to Betty Lochner, director of Washington’s Guaranteed Education Tuition Program, or GET.
“No other college savings vehicle can guarantee that your money will keep pace with rising college tuition,” said Lochner.
GET accounts grow tax-free and no tax is paid when money is used for tuition, room and board or other qualified college expenses. Tuition units purchased just 10 years ago have seen a 77 percent return.
If tuition continues to climb an average of 7 percent annually, a family with a newborn can expect to pay more than $100,000 for four years of college at the University of Washington or Washington State University,” Lochner said.
GET’s annual enrollment period ends on March 31. To learn more about the GET program, go online to www.get.wa.gov or call 1-800-955-2318.