April 15, 2002
GET program reports record enrollment
Washington's Guaranteed Education Tuition (GET) pre-paid college tuition savings plan reports record enrollment this year, following a national trend.
Enrollment this year is up approximately 50 percent over the same period last year.
The number of accounts now stands at 14,765, representing $117 million invested.
Prepaid college tuition plans, including GET, offer families tax-free growth on their investments, the ability to lock in a payment based on college tuition costs at the time of purchase, and the ability to transfer the value of the accounts among family members. Investments in GET accounts are guaranteed by the state to keep pace with increases in tuition. GET accounts may be used at any accredited college, university, technical, or trade school in the country.
Participation in prepaid tuition plans has increased an average of 20 per year throughout the country, according to a recent article in Business Week.
While the state's guarantee is to cover tuition increases at Washington's public colleges or universities, the fact that the account can be applied to schools throughout the country is important to many families.
GET is currently running an education campaign across the state, to ensure that families know about the plan and its benefits. Calls have tripled in recent weeks, indicating increasing interest in saving for college.
GET accounts also can be effective estate-planning tools, allowing grandparents to fund all or part of their grandchildren's tuition at today's program costs, while removing the funds from their estates.
GET is open to any resident of Washington state. Once an account is open, anyone may contribute to a GET account. Accounts may accumulate up to 500 GET units, or the equivalent of five years' tuition at Washington's most expensive public college or university.
Enrollment at this year's rates ends May 31.
For more information, to request enrollment materials or to enroll on-line, families can call 1-877-GET-TUIT (1877-438-8848), or visit the GET web site: www.get.wa.gov