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Pay for School with GET
Is it almost time to start paying for college expenses? Requesting account distributions is easy to do by logging in to your online GET account.
NOTE: The currrent GET Payout Value is $117.82/unit, effective through July 31, 2017.
First, Ask Yourself These Two Questions:
- Are my GET units eligible for use?
Units become available for use on August 1 of the benefit use year listed on your account. The benefit use year is the year you anticipate your student will start college (typically the same year he or she graduates high school). Students are eligible to use up to 125 units per academic year plus any rollover units from the prior year.
- Is my student enrolled in an eligible institution of higher education?
Remember that GET can be used to cover a variety of qualified higher education expenses at eligible institutions of higher education, including most accredited public and private universities and colleges, and community and technical colleges. To see if your student’s school is an eligible institution, we encourage you to check out FAFSA’s school search page (they use the same criteria that we do).
If You Answered "Yes" to Both Questions:
Follow the steps below to request an account distribution to pay for college expenses.
- Log in to your online GET account
- Select the account you want to request a distribution for and look for the “Use Units" section on the next screen.
- Review your available unit balance and click “Use Units” to start the process.
- Follow the easy steps to tell us where your student is attending college, how much money you are requesting, and where we should send the money:
- It’s easy for us to pay your student’s school directly by requesting a direct payment.
- If you have already paid for the expenses, you can request a reimbursement to the GET account owner. Be aware that if you request reimbursement for expenses incurred in a year prior to the current calendar year, your reimbursement may be considered a non-qualified withdrawal and the earnings portion may be subject to income tax and a 10% federal tax penalty.
- You’re all done! Just allow up to two weeks for us to process the payment.
If You Prefer Paper
You can also request account distributions by downloading and mailing paper forms. Note that if you’re requesting a reimbursement to the account owner for expenses incurred during the prior academic year, you must complete the paper form.
Notes About Using GET Units
- Whenever you withdraw funds, GET will send you a 1099-Q tax form the following January.
- GET units may not be used to repay existing loans.
- Your GET account may have an impact on financial aid eligibility. However, 529 plans such as GET are typically considered parental assets (as long as the parent is the account owner), and have often have minimal impact on financial aid eligibility. Contact your student’s school to learn more about the impact and how to report GET on the FAFSA.