(OLYMPIA)– Families wanting a safe and secure way to save for college can open a GET account beginning November 1. Since 1998, parents and grandparents have opened more than 152,000 accounts to secure the state’s guarantee and GET’s flexible, tax-advantaged saving options. The new enrollment year runs November 1, 2013 through May 31, 2014.
GET accounts have already helped over 33,000 students attend college in all 50 states and 14 foreign countries. The program can be used at nearly any public or private college, university, or technical 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.