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Eligible Schools
A student may use GET units at any accredited college or university that accepts federal financial aid. To find out if a particular school accepts Federal Financial Aid, visit the Federal Student Aid website and search for the school's Federal School Code.
The payout value for the 2007-2008 academic year is $62.90 per unit. The payout value is adjusted each year on August 1.
What is GET?
The Guaranteed Education Tuition Program (GET) is Washington state's 529 prepaid college tuition program. With GET, the state of Washington guarantees that the money saved for a child's college education will keep pace with rising college tuition. The value of 100 GET units is based on one year of tuition and state-mandated fees at the most expensive public university in Washington. One GET unit is worth 1 percent of that total.
The Legislature and governor created GET to help families save for college. Today GET is one of the fastest-growing prepaid college tuition programs in the country, with 90,000 college accounts worth more than $1 billion. GET is governed by federal IRS rules and Washington state law.
Financial Aid and GET
GET units are no longer treated as a dollar-for-dollar resource when schools award financial aid. GET account values are instead reported on the FAFSA as an asset of the account owner and included in the Expected Family Contribution calculation.
Direct Payments to Schools
More than 11,000 students are eligible to use their Guaranteed Education Tuition (GET) accounts to pay all or part of their school expenses in fall 2007.
Schools do not invoice GET. The GET account owner directs payments from his GET account to the school. The account owner tells us where the student will go to school and how much to pay the school for tuition and/or housing. We then pay the school directly. GET account owners are also able to pay schools directly and then request reimbursement from their GET accounts.
Select school personnel have the ability to register to have access to a secure site in order to verify a student's eligible GET units and payment requests to your school.
Questions? Call us at 1-800-955-2318 or e-mail benefitsinfo@hecb.wa.gov.
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