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New state college savings program not ready until next year

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SEATTLE — A new, state-sponsored option for investing to save for college won’t be ready until next year so those enrolled in the state’s current prepaid college tuition plan have until at least Sept. 1 to pull their money out without penalty.

Some members of the committee that runs Washington’s college savings program had hoped to set up a traditional 529 college savings plan by the end of this year.

The Seattle Times reports that it’s now more likely that new savings plan will be in place by summer so the deadline to pull money out of the state’s Guaranteed Education Tuition plan has been extended to either Sept. 1, or 60 days after the 529 savings plan opens, whichever is later.

The state’s prepaid tuition plan, GET, is frozen right now but is scheduled to reopen to new investors by July 1.