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How GET Works
How does GET Work?
GET is Washington’s 529 Prepaid College Tuition plan that helps families save for college. It works on a “unit” system, where 100 units represent one year of tuition and state-mandated fees. Likewise, 400 units represent four years.
- The unit cost is based on the unit price in effect today when you purchase them.
- The unit value will be the real cost of tuition and state mandated fees of the highest priced Washington public university (UW or WSU) for each academic year whenever your child attends college. GET is GUARANTEED by the state of Washington to match rising tuition costs, even if they double or triple.
- You can use your units at nearly any public or private university, community college or vocational school in the country.
- The monetary value remains the same, so if your school costs more than UW or WSU, you pay the difference. If it costs less, you can use extra units to pay for room and board, books or other higher education costs.
How much does it cost?
- To get started, complete an enrollment form and include a one-time $50 enrollment fee, then choose your plan. Each student you’re saving for needs an individual account.
- The current unit price is $101, and you can purchase any number of units, from one to 500 units per student. You can save through either the Lump Sum Plan (make contributions whenever you want) or the Custom Monthly Plan (contribute a specified amount each month). Or, you can choose a combination of both. The cost of units increases once or twice a year. When you purchase Lump Sum units, you pay whatever unit price is in effect at the time of purchase. On a Custom Monthly Plan, you can “lock in” whatever is the current price and save for the number of units you want over time. GET is a self-sustaining program so Lump Sum units include a premium and the Custom Monthly Plan contains a finance charge. You need to hold your units for at least two years before using them, and will need to hold them for four years before you realize a gain.
Why should I save for college with GET?
- Your GET account is guaranteed to increase in value at the same rate of tuition increases at UW or WSU. Your savings are not subject to the ups and downs of the stock market.
- As a 529 plan, GET offers tax-free growth and withdrawals for your savings
- GET is flexible and easy to use. Relatives and friends can contribute to your account. Plans can be adjusted if your financial or personal circumstances change. If your child gets a scholarship or doesn’t attend college, you can transfer your account to another family member or request a refund.
How do I get started?
- First, open a GET account online and name the student as the beneficiary.
- Second, choose what payment or savings plan works best for you and your family.
- Third, make your contributions based on the plan you’ve chosen.
- Finally, when your student is ready to attend college, tell GET to either pay the college directly or reimburse you for eligible expenses you’ve paid out of pocket.
Watch your savings grow! GET offers families the chance to provide for a child’s future college expenses by putting money away today. The earlier you start saving, the greater the increased value of your GET account.
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