When we were in Washington, it made sense to have the boys college money parked in the Washington GET program, which is a guaranteed tuition plan. However, that particular plan has had some challenges recently due to a college affordability act. Basically, the Washington plan never accounted for tuition going down. Given that it has, many of the accounts are underwater & customers are requesting refunds.
We are in a slightly unique situation, as we heavily prebought credits when the boys were infants. Tuition credit at that time was around $70, if I remember correctly. We also have bought credits as high as $170, but the majority was purchased at the initial threshhold. Current tuition credit stands at $117 per unit.
Washington is extending the offer for anyone to remove their entire account without fees or penalties for the next few months. I'm investigating the tax implications of this, although we plan to immediately move the money into the Utah 529 plan. All told, I expect to receive around $45K. Our investment was $22.5K. So, we've made money, but may have done better in another plan. Either way, I'm not comfortable with the current challenges in the Washington based plan, and prefer to move to an investment based account.
I do have a call out to the accountant to ensure I understand potential tax liability. All of this has reminded me that we need to put a revised plan in place around college savings. Somehow, the boys are halfway there, & we need to accelerate our investments. Time isn't on our side as it was in the infant days! The estimators I've seen show that we should have $60K/per kid by the time they are ten. We obviously are very short of that.
So, more to come, and a robust plan is needed on our side. How have you saved for your kids colleges, if that's an option you are pursuing? College planning is definitely on our radar for 2016 goals, especially in light of my revised career plans. We also plan to work with the kids to do some savings of their own. :-)