OLYMPIA — Thursday is the deadline for enrolling in a Guaranteed Education Account — or GET — a state program to help families save for college.
After Thursday, enrollment in the state program will be closed until the fall, when it will reopen at a higher price, the Higher Education Coordinating Board said Tuesday.
The cost of one GET unit is $163 now.
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 — either UW or WSU — no matter how much tuition increases, according to the council.
Families can buy any amount from 1 to 500 units per student, though the average GET account holds just under 200 units.
Betty Lochner, director of the GET program, encouraged families to save an amount that fits best within their budget.
“The important part is to get started saving,” she said, “and then have a plan to contribute regularly.”
She said that though recent media coverage has prompted questions, no changes have been made to the program.
GET will continue to enroll families, and the state guarantee is secure, Lochner said.
On July 1, the program will move from being overseen by the Higher Education Coordinating Board to the Washington Student Achievement Council, but it will not change, she said.
More than 140,000 accounts have been opened since the program began in 1998.
More than 25,000 students already have used their GET accounts to attend colleges in all 50 states and five foreign countries.
GET accounts can be used to attend almost any public or private college, university or vocational school in the country.
As a 529 plan, GET offers tax-free growth and withdrawals.
More than 11 percent of new accounts are opened by a child’s grandparents.
For more information, visit www.get.wa.gov or phone customer service staff at 800-955-2318.