Education Fund

January 30th, 2018 | Kelli Young

Exciting new options for your college savings

Now is a good time to review your college savings plans, to ensure your expectations are being met. This is especially true for those participating in the Washington State GET Program as several recent changes are taking place.

In July, of 2017 Washington State voted to add a state sponsored 529 Plan as an alternative to the GET Program. This plan has not yet been rolled out but it is anticipated that it will be some time in the first quarter of 2018. One of the requirements to shift your current GET funds to the new 529 plan is that is has to be done within 60 days of the 529 plan rollout.  It makes sense to review your plans now so you can be ready to make a switch should you decide that is the best option for you. Your financial planner is an invaluable resource to help you assess your individual situation.

The other significant change is that the credits currently purchased in the GET Program have been re- valued to reflect the trend of lower in-state tuition costs. This is called re-basing. The effect of this change was an increase in credits for those invested in the GET Program.

The options above, along with the choice of an individual or another states’ plan, are all available and can be assessed with the help of your financial advisor.

As your financial advisors, Kathleen, Nicole and I are standing by to assist you, or those you care about, in sorting through your options to find the best fit for you. Please don’t hesitate to call us to discuss this very important topic.

Image:  iStock