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Pricing, Payout and Fees

Annual Payout Value & Annual Tuition Increases Over Time

The current GET unit payout value is $103.86.

GET works on a unit system, with 100 GET units equal to one year of resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university. Currently, the highest annual tuition and state-mandated fees at a public university in our state is $10,386, meaning that the current payout value for one GET unit is $103.86 (or 1/100th). Tuition is established at the state’s higher education institutions once a year by each school’s Board of Regents. Tuition is largely influenced based on the funding each school receives from the state legislature. During the 2015 legislative session, Washington State lawmakers passed the College Affordability Program, which lowered tuition at our state’s public colleges for two consecutive academic years. Further, the legislation states that beginning in the 2017-18 academic year, annual tuition increases may be no more than the state’s average annual growth rate in median hourly wage. Because GET never anticipated tuition dropping, the Legislature gave GET a one-time authorization to keep customer accounts from going down in value with tuition. Any potential future tuition decreases, however, could cause your units to lose monetary value. The following chart shows the GET unit payout value as well as changes in in-state tuition over time (since 2000):

Annual Unit Purchase Price Over Time

The current GET unit purchase price is $113.

Setting a realistic, thoroughly researched unit purchase price is critical to maintaining the financial stability of the GET program. The GET Committee sets the unit price annually, based on a formula that takes into account many actuarial projections, including the expected cost of future tuition and program operating expenses. It also includes a reserve to adjust for periods of higher-than-expected tuition increases or lower-than-expected investment returns. See the GET Program Details Booklet for more information on how the GET Committee determines the unit purchase price.

2017-2018 GET Unit Price Breakdown

Expected Tuition Cost $94.34
Operating Expenses $4.18
Reserve $14.78
Total Unit Price
(rounded down to a whole $ amount)
$113.00

 

More 2017-2018 GET Unit Purchase Pricing Details

Historical Unit Prices

Program Funded Status

Annually, the Washington State Actuary conducts a valuation of GET that assesses the program’s financial health. The most recent actuarial valuation, as of June 30, 2016, indicated that the program's funded status is at 135.6 percent. The funded status reflects the amount of money the program would need in order to cover all current contracts as they come due in the future, compared to the assets on hand. The 135.6 percent funded status means the program is expected to be able to cover all of its current and future obligations without the need for state appropriations. It is important to remember that if funds were ever insufficient to cover all of the program’s obligations, GET customers are protected by Washington State Law (RCW 28B.95.050).

Program Fees

The following program information document outlines all of the account, refund and organizational fees associated with the GET Program.

Qualified Higher Education Expenses

You can use your GET units to pay for any of the qualified higher education expenses in the chart below.