The cliche/, "You can't afford to wait any longer" comes to mind when considering saving for your child's college education as tuition increases 7 percent annually at Washington public universities.

Washington State's 529 prepaid Guaranteed Education Tuition Program offers savings plans that lock in today's tuition, plus 7 percent at today's cost, to hedge against tomorrow's prices. And if your child is just born, "tomorrow" means the year 2026!

You can enroll your child, even at the baby shower prior to birth, and, in 18 years, apply your account to the University of Washington, or Washington State University. In addition, a network is in place for your account to apply to most public and private campuses nationwide, and some beyond our borders, from the Art Institute of Phoenix, in Arizona, to the Ecol Superieure de Cuisine Francai, in Paris, should your infant show signs of becoming the next Ratatouille.

Guaranteed Education Tuition program started 10 years ago, and Washington currently has 83,000 enrolled in the program, including 743 from Ballard. Here's how the math breaks down. The money you put in becomes "units." One hundred units buys one year of tuition. You can buy 50 units for one semester, or up to 400 units for four years of tuition, plus another 100 units to cover books, room and board, and other expenses. The current per-unit price is $74 until the March 31 cut-off. Then the program starts up again September 15, when the unit price may increase.

To calculate, take the $74 times 400 units, and if you crack a check today for your child's four-year tuition, that total is $29,600. However, if your infant enrolls in college in 18 years, you start now and pay $250 per month for a total of $3,000 per year, or $54,000 over the 18-year plan, as Guaranteed Education Tuition program charges 7% interest. Attractive, because by 2026, four years of college could cost well over $100,000. And, unlike taking out a home equity loan, you will not be charged a capital gains tax.

An alternative to the monthly plan is the "Lump Sum Plan." You do not need to pay monthly, but simply accumulate units over time, paying what you like when you can. But then you are not locked into today's unit price. In both plans, grandma can contribute on birthdays and Christmas, and the newly purchased units will apply.

And, yes, refunds are permitted if you file for bankruptcy, or your child does not want to attend college, or other medical crises ensue. Also, you can transfer the units from one family member to another.

Whitney DalBalcon is associate director for communications for Guaranteed Education Tuition program.

"In light of the volatile stock market, Guaranteed Education Tuition program is guaranteed to keep pace with inflation of tuition costs," said DalBalcon. "We started 10 years ago with a $35 per-unit price."

She said that while March 31 is this season's cut-off, March 15 is about the latest you can wait to start to set up an account.

"The most important thing for parents to remember is don't get overwhelmed, even if it's just a few dollars to start," she continued. "Instead of giving the child a toy that breaks in a day, pay into the account. It's an incredible message to send the kids that you expect them to go to college."

Shaun and Stephanie Monaghan of Ballard enrolled their son, Rory, now 2, in the Guaranteed Education Tuition program monthly plan when he was born. His units are just $66, or $223 per month. Shaun has another son, Kelly, 24, from a previous marriage, and said he learned the hard way with Kelly's tuition, and wishes he had enrolled Kelly in the program.

"I thought I had no money for his college and didn't put something away," he recalled. "At that time it would have cost less and I could have probably squeaked out $50 a month."

A high school math teacher, he now works with other math teachers at the school district office for the Lake Washington District.

"From a mathematics standpoint it makes sense," he said. "I'll be 68 when Rory graduates. If I didn't do this (program) I'd really have to take away from my retirement, and take something out of the house.

Stephanie teaches English history at night school for kids who have dropped out and are returning to school to get their diplomas. "After going through this with Kelly, we knew we wouldn't be able to pay for Rory down the road. What if one of us passed away?" She chuckled that "the women in my family live forever!"

Shaun added, "The state (Legislature) has to honor the account. Nobody else I know guarantees it. It offers a family stability. To take $223 out of your pocket every month seems like a lot, but it will still be $223 in ten years. What a deal."

Said Stephanie, "I think a lot of people worry if they simply put money into a kid's bank account he'll buy a car with it when he turns 16. My grandmother would give us a thousand dollars here or there for college when that paid for a quarter-year's tuition, but she worried that we'd use it on a ski trip or something, which we never did." The Guaranteed Education Tuition program owner controls the account.

She said that she has seen situations at work where kids target a very expensive private school that costs more than the sum of the units, and their parents feel trapped. (The units are considered an asset and can be applied to the costlier schools.) She said Guaranteed Education Tuition program gives kids a reality check on college costs. "I've been threw so many scenes on my job where the kid wants to go to an $80,000 college. If the parents tell them they have to save beyond what the units cover, and try for student loans and scholarships, this helps kids become realistic in their direction."

And, speaking of direction, Rory is expected to start college August 1, 2024.

Sam and Jennifer Jansons rent a cozy 2-bedroom apartment near the Ballard Public Library. They met 11 years ago while working together in a bookstore in Olympia, and married seven years later. Sam is a Ballard mail carrier. Jennifer took maternity leave from her city job in Kirkland to stay home with their 7 month-old daughter, Josephine.

"I tried working for a month, but the baby didn't seem happy, and we weren't either," said Josephine's mom. She first learned about Guaranteed Education Tuition program nearly 7 years ago at a City of Olympia benefits fair where she then worked. Recently, a friend involved with the program suggested they enroll Josephine.

"We chose a very modest program to start out with," said Sam. They pay $34 per month for 17-years, a 50-unit, one semester plan. "We plan to add to it as our circumstances change. This is the minimum. We were so unsure about our finances."

They hope that when she returns to work, and perhaps with the help of family over time, they will be in a position to buy more units.

For more information on the Guaranteed Education Tuition program program, check out: www.wa.gov

Steve Shay may be reached at steves@robinsonnews.com