Planning for College

The GET Committee met on Wednesday, October 7th and discussed the possibility of opening a traditional 529 College Savings Plan for Washington residents. By “traditional” they mean a plan where you essentially purchase mutual fund shares and thus your 529 value can fluctuate with the market.

In July of this year the Washington Legislature enacted the College Affordability Act, which lowers the cost of tuition at Washington's public colleges and universities. The GET Committee is considering the impact of the College Affordability Act on Washington's 529 GET program. They have had several meetings, with more to come.

I’ve saved the best for last. After all, what could be better than having your child’s college education be free?! Grants and scholarships differ than loans, in that they don’t have to be paid back. Some are awarded on financial need, some on academic merit, and others on associations with different organizations.