The Gift of Education
Give the special child in your life something they'll never outgrow - a college education. Contributions towards this make the perfect gift for holidays, birthdays, baby showers or other special occasions. Education is a gift that lasts a lifetime.
Suggest a Gift to Your Child's Account
You might suggest a contribution to your child's GET account when friends and family inquire about gift ideas for birthdays, holidays and other special occasions.
Send a personalized email suggesting GET units as "The Gift of Education."
Download a card to complete and share with grandparents, other relatives and friends.
As a grandparent, you can help both your children and your grandchildren by starting a college savings plan early. With your thoughtful planning, your grandchildren may be able to reduce or even eliminate college loans by the time they're ready for college. You may set aside a certain amount each month, or contribute a lump sum on special occasions, or whenever you are able to help. Either way, your family will thank you for years to come.
Friends and other relatives can also contribute to a child's GET account. In fact, anyone at least 18 years old can open a GET account as long as the beneficiary (student) or the account purchaser is a Washington State resident at the time the account is opened. There are generous gift and estate tax exemptions for contributions to a GET account as well.
Giving a Gift is Easy
- Add to an existing Account
You can make a contribution of any amount you choose to an existing account in one of two ways:
You can conveniently and securely make a contribution with an e-payment from your bank account. You will need to know the child's name and account number, as well as your bank routing and account numbers (as they appear on the bottom of a check). Note that all e-payments buy lump sum units (or partial lump sum units) only.
MAKE GIFT E-PAYMENT
- By Mail
Mail your check with a payment coupon. We'll need to know the child's name and GET account number. If the child has a Custom Monthly account, we'll apply your contribution to that plan unless you specify that you're gifting Lump Sum units.
- Open a new account
You can also open a new account during our annual enrollment period (November 1, 2012 - May 31, 2013). It's easy to enroll online, or you can complete and mail in an enrollment form. You can download an enrollment form or we can mail one to you. We're happy to help any way we can.
- Announce your gift with a beautiful certificate
Download a gift announcement, type in your personal message, and print it. Choose your bow color:
Or, call us and we'll mail you one (red only). Please allow one week for mailing. If you would like us to mail a letter to the account owner announcing your gift and a letter of acknowledgement to you, please call us or include a note with your contribution.
- Please contact us at 800.955.2318 if you need any assistance.
Can more than one person contribute to a GET account?
Yes, anyone can contribute to a child's GET account. Buying units is a great gift idea for grandparents, other family members, and friends. You can also name other "giftors" who can contribute money to the child's account. You can then give other "giftors" one of your coupons or download a Giftor Authorization form and mail it to us. We'll then send your giftor a coupon book. If you have a Custom Monthly Plan, we'll apply all contributions to your Custom Monthly account unless your giftor specifies that the money should be used to buy Lump Sum units. All gift payments to the child's account belong to you, the account owner, and you maintain control over the account.
How will a GET account affect my grandchild's eligibility for financial aid?
A GET account is considered an asset of the account owner. If a grandparent is the account owner, a GET account is not considered an asset of either the student or the parent in determining a family's eligibility for federal financial aid. Distributions from GET accounts owned by non-parents may be treated as student income the following year.
How will my donations to a GET account affect my taxes?
As a 529 plan, your GET account receives tax-free growth and withdrawals. The Gift Tax Exemption per year is currently $14,000 ($28,000 for couples). The Five Year Exemption option increases these amounts. Also, amounts contributed to purchase tuition units on behalf of a beneficiary are generally excluded from a donor's estate for federal estate tax purposes. For more information on federal gift and estate tax rules, click here or consult your tax advisor.