The moment snuck up on me.

One minute, I was packing a tiny backpack and walking my firstborn into kindergarten. The next, I’m sitting in a high school auditorium listening to a counselor talk about college applications, extracurriculars, and financial aid.

My son starts high school this fall. And already, the message is clear: it’s time to think seriously about college.

As I watched him take it all in, I felt both deep pride in the young man he’s becoming and the unmistakable weight of reality.

Are we ready for this?

College is a big, expensive, beautiful milestone. In my experience, it often takes more than one approach to feel truly prepared. That’s where a core principle comes in: diversification.

We often think of diversification in terms of investing—spreading money across different strategies to manage risk and create flexibility. I’ve applied that same thinking to college savings.

What many people don’t realize is that there’s more than one type of 529 plan.

Most people are familiar with the traditional 529 savings plan. You contribute money, invest it in the market, and over time, it can grow. It’s a solid strategy, but like any investment, it comes with ups and downs. Market swings can feel especially stressful as tuition bills get closer.

Less talked about is another type of 529 plan: prepaid tuition plans.

Not every state offers them, but here in Washington, we do. A prepaid tuition plan lets you lock in today’s tuition rates (sometimes at a discount) by purchasing tuition units in advance. That means you can cover the cost of tuition and fees even if costs rise in the years ahead, which they historically have.

We chose to use both.

The prepaid plan gives us predictability. It locks in tuition costs and protects against poor timing, like needing to withdraw during a market downturn. It ensures a core portion of tuition is covered. 

Prepaid plans are typically limited to in-state residents, and their value is based on public in-state university costs. If your child chooses a private or out-of-state school, it may not fully cover the costs, but the value can usually still be applied up to the in-state equivalent. 

That’s where a traditional 529 comes in. Because it’s invested in the market, it offers the potential for higher growth. In states like Washington, both types of 529 plans can also be used for a broad range of qualified education expenses.

For us, it’s about balance—combining the certainty of locked-in tuition with the growth potential of market-based savings. 

Together, they give us confidence we’ll be ready when the time comes.

That night in the auditorium reminded me: planning isn’t just about numbers. It’s about starting early, staying engaged, and making thoughtful decisions over time.

If you’re looking to take some uncertainty off the table, prepaid tuition 529 plans are worth a closer look. And if you have a tax refund this month, consider putting a portion toward your child’s future. It’s a small step today that can make a meaningful difference tomorrow.

About the author:

Lynda Ridgeway serves as Director of Washington’s Education Savings Plans (WA529), where she leads both WA529 Invest and the GET Prepaid Tuition Plan. With more than 20 years of experience in education finance, she is dedicated to helping Washington families access and maximize college savings opportunities. Since joining WA529 in 2022, she also brings a personal perspective to her role as a mother of two sons who benefit from 529 plans, giving her a firsthand understanding of the importance of these programs for families.