Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Cloudy 70° Cloudy
News >  Spokane

Washington to get new college savings plan

OLYMPIA –Washington will set up up a new college savings program and re-open an existing program that was put on hold when tuition was reduced at state institutions.

Gov. Jay Inslee signed a bill that sets up a 529 Savings Plan, which will allow people to invest in stock or bond funds and earnings from their investments won’t be subject to federal taxes if it is used for qualified college expenses. Such plans have low administrative costs and Washington’s will accept investments of as little as $25.

The plan will be set up by the end of next year by the Guaranteed Education Tuition Committee, which also oversees the program that allowed people to purchase at current rates tuition hours that could be used in the future. That program was suspended last year when the Legislature cut tuition at state colleges and universities but is scheduled to reopen by July 1, 2017.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.