State program helps families save for college
OLYMPIA — Parents wanting to save for college can now open a GET account. Over the past15 years, parents and grandparents have opened more than 144,000 accounts to secure the state’s guarantee and GET’s flexible, tax-advantaged saving options.
The new enrollment year runs through May 31, 2013.
GET accounts have already helped over 27,000 students attend college in all 50 states and 13 foreign countries. The program can be used at nearly any public or private college, university or vocational school in the country.
GET is a 529 plan offering tax-free growth and withdrawals.
Betty Lochner, director of the GET program, encourages families to save an amount that fits best within their budget. “Start saving when your kids are young,” she said, “then plan to contribute regularly over the years. You’ll be surprised how it adds up over time.”
The cost of one GET unit today is $172. 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.With tuition climbing each year, Lochner affirms that GET is a very good option, especially for families with young children.
“Parents starting early can save literally thousands of dollars on the future cost of college,” she said.