Tuesday, May 29, 2012

Get your GET units before the price jump

Photo credit:  Chris Moncus via Wikimedia Commons
In 2003, a full year of tuition and fees for an undergraduate student at the University of Washington was $4,863. Today, that cost has more than doubled to $10,223. However, that same $10,223 tuition bill could have been paid in full for only $5,700 through the Guaranteed Education Tuition (GET) program.
GET was created in 1998 to help families save for college. Participants buy GET units at today’s prices, which can be applied toward college expenses down the road. One GET unit equals one percent of a full year’s college tuition and state-mandated fees.
In 2003, GET units were $57 each. Those who purchased 100 GET units back then would have saved over $4,500 this year in tuition and fees at the UW.
GET units today are $163, but that price is about to change. That price is good for current participants and those who sign up before May 31. Once this year’s program ends on June 30, the GET program administrators will adjust the price to reflect current tuition trends. The unit price has risen over 60% since 2009 as a result of steep increases in college tuition in recent years.
If you’re thinking about a college savings plan, now is a good time to look into the GET program before the unit price goes up. You can find more information on the GET website here.

To read this story in Spanish, please click here.