Saving for College

Saving isn't easy, but don’t be discouraged. The more you save, the less you will need to borrow for college. And the earlier you begin, the less you will need to set aside each month.

Your Savings Goal

To understand how much you will need to save, try this college savings calculator. It will help you estimate the cost of attending a college or university and then determine how much you will need to save to meet those costs. You don’t need to save the total cost. Your family may be able to help, and financial aid is available to those who need it.

Ways to Save

For more information about ways to save for college, talk with a qualified investment advisor or a representative at your local credit union or bank. They can tell you about saving for college using:

• College savings plans
• Federal savings bonds
• Stocks and mutual fund accounts, and more

Guaranteed Education Tuition (GET)

The Guaranteed Education Tuition (GET) program allows Washington students and families to purchase future tuition at a lower cost today. By starting early, parents can save on college costs and know that their account is guaranteed. The State of Washington guarantees that 100 GET units purchased today will equal one year of resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university in the future, even if tuition doubles or triples in that time. GET is a 529 plan, so earnings on the account are tax-free when used for higher education. GET can be used at any accredited public or private university, college, trade or technical school in the country.

Parents, relatives, or friends can buy from 1 to 500 GET units per student. Either the purchaser or the student must be a Washington resident at the time the account is opened. For more information, call toll-free 800-955-2318 or visit the website at: www.get.wa.gov