Compare College Savings Plans
Our plans vs. other options
To help simplify your options, we’ve provided this at-a-glance summary of key differences. Comprehensive information can be found on the plan websites.
| GET | WA529 Invest | Other 529 Plans | Coverdell Education Savings Account | Custodial Account | Gerber Life College Plan | |
|---|---|---|---|---|---|---|
| Tax-free growth | | | | | ||
| Student beneficiary changes allowed | | | | | | |
| Guarantee | | | ||||
| Contribution maximum | 800 units per student | $500,000 | Varies | $2,000 yearly | Unlimited | $150,000 per policy |
| Usage | Qualified education expenses | Qualified education expenses | Qualified education expenses | Expenses associated with higher, primary, and secondary education | Rules vary | Unlimited |
| Account control | Account owner | Account owner | Account owner | Either the student or account owner | Custodian until student is of age, then student | Policy holder |
Who can participate in these plans and what can the money be used for?
GET, WA529 Invest, and other 529 plans are qualified tuition programs (QTP) under Section 529 of the Internal Revenue Code.
Participation requirements:
- GET: Either the student or account owner must be a Washington resident when enrolling. The account owner may be an individual, trust, corporation, partnership or other entity. The account owner does not have to be related to the student.
- WA529 Invest: Non-Washington residents can participate. The account owner may be an individual, trust, corporation, partnership or other entity. The account owner does not have to be related to the student.
Usage:
- Funds can be used to pay qualified higher education expenses. The student must be enrolled at least half-time to pay room and board.
Other 529 Plans have participation rules that vary by plan.
The Coverdell Education Savings Account is a non-deductible plan that, with certain income and contribution limits, allows you to invest for college-related expenses.
- To participate, your modified Adjusted Gross Income must be less than $110,000 if you file an individual tax return ($220,000 for a joint tax return).
- Usage is to pay expenses associated with higher education as well as primary and secondary education. The student must be enrolled at least half-time to pay room and board.
A custodial account is a brokerage account with custodial account registration that invests in mutual funds and individual securities, including stocks and bonds, on behalf of a minor. Everyone can participate in this type of college savings—and usage rules vary by state but withdrawals can be made for any reason.
The Gerber Life College Plan is an endowment life insurance policy sold by the Gerber Life Insurance Company, with a face-value that is paid out upon policy maturity.
- To participate, the insured party must be aged 18 to 75. Applicants are required to complete a health assessment, as it is a life insurance product. Availability of certain payment plans and the amount of total premiums paid may differ based on age, sex, and medical history of the insured.
- Withdrawals can be made for any reason.
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