Washington 529 College Savings Plans

Paying for college can be difficult for most parents. College tuition prices are getting more and more expensive every day. Washington state residents can take advantage of the new GET 529 college savings plan. The GET was rated as one of the best 529 college savings plans in the nation. It was established in 1998 to help families save for their child’s future higher education. Since the time of inception over 120,000 GET accounts have been opened. More than 25,000 students have already used these accounts to attend college universities. This is a great way for parents to start saving money now for their children’s future education needs. College tuition costs will only be going up in the near future.

How the GET 529 College Savings Program Works

The GET college savings program is one of the most innovative 529 college plans in United States. It works on a unit, parents purchase units at a given price whenever they have the money to do so. 100 units represent one year tuition and state mandate fees. 400 units will equal up to four years of college. The unit cost is based on the unit price which can vary from year to year. The current unit price is $118. This makes the GET program is very easy to understand and gives parents an exact figure of what tuition will really cost. The units that you purchase can be used at nearly any public or private University, community college or vocational school in the United States. This gives parents the ability to offer their children prepaid college tuition wherever they please. The GET 529 college savings plan is guaranteed by the state of Washington to match rising tuition costs. This guarantee is even available if the price of tuition doubles or triples in the future.

GET 529 College Savings Plan Tax Benefits

Because the GET is a 529 college savings plan, after-tax money earned will grow tax-free. The money that is withdrawn from this account can be taken out tax-free as long as it is used towards qualified higher education expenses. These education expenses include room and board, tuition, books, and qualified equipment that is needed for college.

As a parent and owner of a GET account you get favorable financial aid treatment. A GET 529 college savings account is considered an asset and will be treated the same way when determining a family’s eligibility for federal financial aid. This can be very important as in most cases assets are held against you when you apply for student loans.

Results of the GET Program over the Years

The GET savings program has seen nearly a 12% average annual return over the past decade. These are some outstanding results that you can take advantage of. Annual returns will vary in the future as the market changes, but at least you have some type of hard evidence to go by.

Enrolling in the Washington 529 college savings plans are very easy. All you have to do is fill out an enrollment form and deposit $50. Units can be purchased monthly or annually. Take advantage of one of America’s best 529 college savings plans and give your child the future education that they will need.

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