New Enrollments Open for Prepaid College Tuition Plan
Washington State’s Guaranteed Education Tuition Plan Now Open for Enrollment: A Smart Savings Opportunity for Families
Families in Washington State looking to secure funding for their children’s post-secondary education are now presented with a timely opportunity to enroll in the Guaranteed Education Tuition (GET) program. This initiative allows participants to purchase tuition units at today’s rates, offering significant savings compared to future public university tuition costs.
The GET program, a 529 prepaid tuition initiative, offers a state-backed guarantee that ensures the value of units purchased will keep pace with in-state college tuition rates. This means that families can effectively lock in the cost of future tuition, providing financial relief in an era when education expenses continue to rise. Moreover, the usage of these funds is flexible, extending beyond just tuition to cover additional educational costs such as housing, meals, books, and technology.
A noteworthy aspect of this enrollment period is the current unit purchase price set at 3.76. This figure reflects a strategic decision to provide families with an opportunity to save, as it is lower than the current market value of GET units, which stands at approximately 7.85 based on the University of Washington tuition rates. Luke Minor, senior director of Washington Education Savings Plans, emphasized the significance of this pricing, stating, “This is a rare opportunity for Washington families. It’s the perfect time to open a new GET account or grow an existing account. This year, you’ll pay about less per unit than the current payout value, giving your savings growth a head start while locking in peace of mind.”
GET is one of two education savings plans managed by Washington Education Savings Plans (WA529). The second option, known as WA529 Invest (formerly DreamAhead), was launched in 2018 to provide residents with a comprehensive approach to saving for the full cost of higher education. This dual approach caters to different financial strategies, allowing families to choose the plan that aligns best with their educational savings goals.
Washington residents interested in enrolling in either GET or WA529 Invest can easily do so online at 529.wa.gov, with no enrollment fee required. This initiative not only supports families in their pursuit of affordable education but also contributes to the overall growth of a well-educated workforce in the state. As college costs persist in escalating, programs like GET provide a critical financial tool for families seeking to invest in their children’s futures.
