If you read ShowCase Magazine frequently, you probably already know we are big fans of the WA 529 plans, Guaranteed Education Tuition or GET and DreamAhead Investment Plans. In the simplest description, the Washington College Savings Plans, or WA529, are a collection of 529 college savings plans offered by the State of Washington.
The future estimated costs of a college education can seem daunting, but with the help of these plans Washingtonians can confidently plan for the expenses.
Here is a collection of tips from the experts at College Savings.
Start early if you can, and contribute what you are comfortable with. A pro tip is to start an automatic deposit to your selected 529 plan. This will help you reduce the inevitable college sticker shock while minimizing your time obsessing about it.
Get your children involved in the process and teach them about budgeting, savings and responsible spending using the 529 programs as a tool. Help guide them to what they want to study and understand the implications of their choices on how much money needs to be invested to create their necessary nest egg. Remember the 529 Plans can be used nearly everywhere—including out-of-state institutions, private schools, community colleges, trade and technical schools, and even to cover the cost of an apprenticeship.
Don’t hesitate to get your other family members to help you reach your goals. Encourage grandparents, aunts, uncles, other family, and friends to get involved. At gift-giving time, like the fast-approaching holidays and annual events like birthdays, a contribution to the student’s education savings is a gift that truly keeps on giving.
Even after more than 25 years, the GET program continues to evolve and improve to ensure that it equitably meets the needs of those enrolled. Since 1998, more than 55,000 students have used GET in all 50 states and 15 countries worldwide. And the DreamAhead plans continue to provide results tied to the financial market.
The benefits of the two WA529 plans are tremendous.
For Additional Information
WA529
wastate529.wa.gov
BY LYNN CASTLE