In the state of Washington, you have the ability to prepay for college now, so that when you are ready to attend school, you can pay your tuition at today’s rates, regardless of how high tuition has become. With college being such a vital part of the package in terms of getting a well-paying job in today’s competitive business world, it’s important that every child get a chance to get that bachelors degree. The GET program helps parents and students make that goal a reality.
Investing in the Future
The Guaranteed Education Tuition program (GET) is a program in which a parent of a future student or the student themselves can pay into the state-backed plan at today's rate and cash that in for a year of tuition whenever he is ready to attend school, regardless of the tuition cost at that time. And since college tuition always seems to be going up, even in a bad economy like we are experiencing now, the GET program is a great deal for parents and students and can potentially save hundreds, and in some cases even thousands, of dollars per student. What makes it even better is that it is good at almost any college or university in the United States, not just schools in Washington state.
The sooner a parent invests in the program on behalf of a son or daughter, the greater the savings down the road. There’s no limit as to how many years of tuition parents can buy for their children in the GET, so they can cover all four years of college at today’s rates and save a substantial amount of money.
Making Money Go Even Further
Since the GET program is guaranteed by the state, it is a lot more stable and safer in the long term than the typical 529 college savings plan or Roth IRA, which have been the traditional college savings plans for most parents and students. Many parents are seeing their children’s college future in jeopardy as the value of their 529 accounts plummets with the stock market.
The GET program is virtually guaranteed to be an almost risk-free investment to many people, a safe harbor for their money in these troubled times. Many parents are rolling over their 529 and other investment accounts into the GET program so that they can lock in this option and protect their children’s educational future. And even if the price of the GET program goes up incrementally over the years as the state adjusts the program in response to economic trends, it’s a more solid way to invest in the cost of college than the IRS funds that are strictly tied to the volatility of the market. Right now, the GET program is scheduled to go up in price this spring by several hundred dollars, but even with that price increase, it still remains the best deal around for both parents and students.
People Who Read This Article Also Read:
Parent Loan for Undergraduate Students (PLUS) Loans: the Basics
Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA): The Basics
Long-Term Savings Plans Overview
Saving for the Future: Short-Term College Planning
Saving for the Future: Long-Term College Planning