One of the best pieces of college preparatory advice is to start saving early. The equation is simple: the earlier you start the more time you have to contribute and therefore the more potential your account has to grow over time.
The Washington Guaranteed Education Tuition (GET) program is designed for families with young children. The most benefit comes when families enroll while a student is in grade school, or even younger. In fact, accounts can even be opened before a child is born.
Families who start saving early have more time to grow their savings and also see the largest gains in their GET accounts. “The key is to start when your kids are young, and as they grow, do what you can to boost your savings. Even small amounts add up over time,” advises Betty Lochner, GET Director.
According to the Washington Student Achievement Council, saving $5.00 per day for ten years can add over $18,000 to your savings. Starting early does make a difference as does saving even in small amounts. Making regular contributions can result in a significant amount as a child goes through school. We know that over time tuition will continue to increase so the sooner you can start the more beneficial it will be.
Studies show that students who know there is a college savings plan in their name are seven times more likely to attend. Studies also show that by 2018, nearly two-thirds of all new jobs will require some form of post-secondary education. Both of these studies are compelling reasons to begin saving early and take advantage of Washington’s helpful GET program.
Enrollment is open through May 31.