College savings plan hikes price nearly 40 percent

first_imgOLYMPIA – Parents investing in their child’s future will find the price is higher as the Guaranteed Education Tuition Committee voted unanimously Thursday to increase their unit price nearly 40 percent.GET is a prepaid college tuition plan whose customer base is parents and grandparents. The program works on a unit system, where 100 units represent one year of tuition. The unit cost is based on prices in effect when purchased. The committee calculates the unit cost based on the highest-priced Washington public university.For example, if someone purchased 100 GET units at $35 per unit when the program began in 1998, they would be paying $3,500 for a year at Washington State University, as opposed to the tuition cost of $9,886 per year now.Last year’s enrollment cost $117 per unit, meaning one year would cost $11,700. The new price per unit is $163, meaning a year would cost $16,300, an increase of nearly 40 percent.“We’ll see over the coming months how much it affects families opening new accounts or buying more units,” said Susan Martensen, marketing and communications manager for GET. “It’s widely understood that college tuition is going to rise rapidly over the next few years, and parents will be looking at GET as a way to save for these future costs in a safe environment.”last_img

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