Washington to Offer 529 College Savings Plan

We have been monitoring the situation with Washington State’s Guaranteed Education Tuition (GET) program, which is currently closed to new investors.  We would like to share with you an interesting new development: The Seattle Times is reporting that Washington will be developing a 529 savings plan to augment the existing GET pre-paid tuition program.

A 529 savings plan provides tax benefits on college savings while allowing funds to grow in a wide range of investment vehicles. In addition to developing a 529 plan, Washington is expected to re-open the GET program to new investors in 2017, giving Washingtonians two college savings options. Washington residents will continue to be able to take advantage of other states’ 529 plans if they choose.

There are pros and cons associated with both types of plans. For those of you interested in discussing what to do with your current college savings, or those who want to start a college saving plan and are not sure which plan to choose, please contact us.