Sunday, Mar. 08, 2009

GET gives Washington parents chance to save for college

By Dalina Castellanos, Herald staff writer

Two-year-old Taylor Valdez doesn't have to worry about his first two years of college -- they're already paid for.

His parents, April and Tony Valdez, signed up for Washington's Guaranteed Education Tuition (GET) program before his first birthday, ensuring that his tuition would be paid for before he graduates high school.

"We think it's a good savings program," April said. "It's a good option for us right now."

The Valdez family has committed to buying 200 units for Taylor, enrolling in one of two GET payment plans in which they will make a monthly payment until reaching their goal.

One unit costs $76 and 100 units equals a year at the state's most expensive public universities like University of Washington and Washington State University. A year at a community college or vocational school equals 45 units.

To take advantage of this year's enrollment price, families need to open a GET account before March 31.

Statewide enrollment has risen 15 percent from last year, said Betty Lochner, director of the program. She said more than 155 families in Benton and Franklin counties have signed up since the enrollment period opened in September.

The boost in enrollment could be related to the economy, Lochner said, but she feels families are signing up because the state guarantees that 100 units bought today will pay for a full year of college tuition in the future.

"People are running to safety," she said. "Where else can you get this guarantee?"

For 21-year-old Mark Rodgers, the guarantee didn't come until middle school.

When Mark's mother married Brad Hasty, they immediately started thinking of the best way to save for the then-seventh-grader's education.

Hasty found GET after searching the Internet and committed to purchase a unit a week.

"It was the first thing we'd do every pay day." Hasty said. "There wasn't a choice of whether or not we'd pay it."

Now in his second year at Columbia Basin College, Mark is ready to transfer to WSU and use his remaining units.

Units cost only $52 when Hasty and his wife Tracy signed up for a pay-as-you-go plan, in which the prices change annually.

Unit prices are expected to increase at least 7 percent a year to keep up with the rise in tuition cost, Lochner said. But she said one thing to keep in mind is "you're not buying today's tuition, you're buying tomorrow's tuition."

Because the units must be in an account for two years before they can be used, Lochner suggests people buy early.

"The whole mission of the program is to help families save for college in a safe and affordable way," she said.

The flexible program offers more ways than the two payment plans to grow an account.

For instance, Taylor received $300 in donations to his GET account as Christmas gifts from grandparents after April suggested units were better than toys.

Mark, who also received GET units as gifts, said he didn't miss the presents growing up. "GET units were better," he said. "They're allowing me to get through school."