Perhaps it is fitting that on Higher Education Day in Olympia the Seattle Times had a featured story on challenges facing the Guaranteed Education Tuition program (GET).
Unlike many states, Washington’s plan guarantees a payout tied to the tuition levels at the UW and WSU. As a result the onus is on the state to achieve adequate investment returns (in many states college savings plans are more like IRAs, where the individual investor is responsible for returns). The economic downturn has taken a whack out of the GET reserves. Higher prices for GET units is a certainty; other changes will surely be discussed.
How to ensure the financial health of the GET program will be a key part of the mix as lawmakers work to close the budget gap. This story gives a good picture of the numbers they are facing.