Many states have guaranteed tuition programs (sometimes called GET) that parents can buy into to guarantee a tuition rate for their kids. By prepaying for tuition, parents can "lock in" the current tuition rate and hedge against tuition rate increases by the time their kid goes to college.
South Carolina is the first state to recognize that one of the problems with tuition rate guarantees is the state rather than the consumer bears the brunt of the risk. As tuition rates increase, states like South Carolina are projecting a program deficit nearing $63 million by 2028.
So if you need help paying for your child's college, ither enroll in a pre-paid tuition program now, come up with another savings strategy, or hope for some scholarships. These state-run programs probably aren't long for this world.
