WA college savings plan enrollment closes soon. GET tuition program helps university costs
Compared to 20 years ago, the average price of tuition for private, out-of-state and in-state universities in the United States has increased twofold, according to U.S. News and World Report.
As prices increase, families might be looking to secure any discount or financial support they can get. In Washington, there is a program to help offset some of higher education’s financial burden.
The Washington 529 College Savings Plans prepaid tuition program Guaranteed Education Tuition (GET) allows families to prepay future tuition costs at the current rate. The cutoff for the 2022-2023 annual enrollment is May 31. Enrollment in the GET program is free online, but paper applications come with a $50 fee.
“The current economic environment is an important reminder of the unique value that GET can provide a family looking for peace of mind as they prepare for their student’s educational future,” Luke Minor, director of Washington 529 College Savings Plans, said in a news release.
WA529 says families who open an account have until June 23 to add “units” to their account. A unit is the measurement of an account’s value, with 100 units equaling the cost of one year resident undergraduate tuition and fees at Washington’s most expensive public university. The current unit price is $116.63.
To apply, visit the GET online page.
What to know about Guaranteed Education Tuition
The WA529 GET program is targeted at families who want to start saving for children’s college early. The program began in 1998 and has served more than 60,000 students in the state.
All after-tax savings that go into a GET account grow tax-free and aren’t affected by fluctuating financial markets, WA529 states. If future tuition costs ever require the GET program to pay more money than it has available, state law would require the Washington Legislature to provide the savings program with funding to cover the shortfall.
All money that families withdraw from their account is tax-free as long as they use it for qualified higher education expenses, including:
Full- or part-time tuition for regular academic years or summer sessions for undergraduate, graduate or professional programs
State-mandated fees like operating, building, services and activities fees
College-specific fees like technology, library and recreation fees
On- and off-campus room and board as long as a student attends school half time
Meal plans as long as a student attends school half time
Books and supplies
Computers, software and internet access
Special needs expenses
K-12 tuition up to $10,000 annually
Apprenticeship programs
Student loans
This story was originally published May 18, 2023 at 12:37 PM with the headline "WA college savings plan enrollment closes soon. GET tuition program helps university costs."
