Agree with all of the above comments, but one thing to keep in mind is that GET only covers the tuition part, not all the other costs associated with school, such as housing, books and other school supplies...which adds up in a hurry.

May want to consider combining it with a 529 plan, which is much more flexible in that it can be used for any school related costs, you can change beneficiaries if your kid doesn't go to school and anybody can contribute to it. Some great estate planning benefits as well. Definitely worth researching.