How much will college cost?

If your child ends up not needing the funds for college, you always have multiple options for your money:

• Your funds can be used to pay for a variety of eligible education expenses, including public or private colleges, universities, community colleges, professional and vocational schools, certain apprenticeship expenses or postgraduate programs in the United States—and even some schools abroad.¹
• Your 529 can be used for student loan repayment up to a $10,000 lifetime limit per individual.¹
• Pay for K-12 qualified expenses - up to $10,000 annually can be used per student at a public, private, or religious elementary, middle, or high school (the limit will increase to $20,000 beginning January 1, 2026). Qualified education expenses include curriculum, instructional materials, tutoring by approved professionals, standardized test and dual enrollment fees, and licensed educational therapies for students with disabilities. Click here for more information on recent changes to qualified expenses.¹
• You can transfer the funds to another eligible beneficiary, such as another child, a grandchild or yourself.
• If you just want the money back, you can withdraw the funds at any time. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and applicable state taxes plus a 10% additional federal tax on earnings (known as the “Federal Penalty Tax”). See the Program Details Booklet for more information and exceptions.
• Roll over funds to a Roth IRA. Limitations apply.²
• Pay for qualified expenses when enrolled in a recognized postsecondary credentialing program. Click here for more information on recent changes to qualified expenses.
• Or you can always wait because the funds never expire, and often the choice to go to school is a delayed decision. So if your child changes their mind down the road, your savings will still be available.

Footnotes

1. ¹Withdrawals for qualified expenses at K-12 public, private, or religious schools, registered apprenticeship programs, recognized postsecondary credentialing programs, and student loan repayment can be withdrawn free from federal income tax. State tax treatment varies. You should talk to a qualified professional about how tax provisions affect your circumstances.↩
2. ²Rollovers are permitted from an account to a Roth IRA without incurring federal tax penalties. State tax treatment of a rollover from a 529 plan into a Roth IRA is determined by the state where you file state income tax. There are conditions that must be met, including the 529 plan must have been in existence for at least 15 years.
   
   You should talk to a qualified professional about how tax provisions affect your circumstances.↩

Your contributions will always be yours, and you do not need to be a resident of Washington to open, contribute to or use a WA529 Invest account. Your account can also be used for a range of qualified expenses in state, out of state and abroad. If you move to another state, you can keep your money invested and continue making contributions to your WA529 Invest account—no problem!

No. Your WA529 Invest funds can be used at any eligible university in the country—and even some abroad. This includes public and private colleges and universities, apprenticeships, community colleges, graduate schools and professional schools.¹ Up to $10,000 annually can be used toward K-12 qualified expenses (the limit will increase to $20,000 beginning January 1, 2026).¹ In addition, your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual.¹ Review a list of qualifying expenses and the state tax treatment of withdrawals for these expenses in the Program Details Booklet.

Footnotes

1. ¹Withdrawals for qualified expenses at K-12 public, private, or religious schools, registered apprenticeship programs, recognized postsecondary credentialing programs, and student loan repayment can be withdrawn free from federal income tax. State tax treatment varies. You should talk to a qualified professional about how tax provisions affect your circumstances.↩

Qualified higher education expenses means, generally, the cost of tuition, fees, books, supplies and equipment required for the enrollment or attendance of a beneficiary at an eligible educational institution, certain costs of housing and food (room and board), the cost of computer or peripheral equipment, certain software, and internet access and related services if used primarily by the beneficiary during any of the years the beneficiary is enrolled at an eligible educational institution, as well as certain additional enrollment and attendance costs of beneficiaries with special needs.

Qualified higher education expenses also include:
(a) qualified expenses in connection with enrollment or attendance at a primary or secondary public, private or religious K-12 school (up to a maximum of $10,000 of distributions ($20,000 starting January 1, 2026) per taxable year per beneficiary from all Section 529 programs); (b) expenses for fees, books, supplies and equipment required for the participation of a beneficiary in a certified apprenticeship program; (c) qualified expenses related to enrollment in a recognized postsecondary credentialing program; and, (d) make student loan payments. Review the Program Details Booklet for additional information for these expenses. We encourage account owners to consult a qualified tax professional about how these withdrawals relate to their personal situations.