Top 10 FAQs

The Ten Most Frequently Asked Questions About GET (view video)

1. Can GET be used at private colleges or out-of-state universities? 

You can use your GET units at nearly any public or private college, university or technical school in the United States and at selected colleges in other countries.  A college is eligible if it participates in federal financial aid programs through the U.S. Department of Education.  To view the hundreds of participating schools, click here.

Your GET units may not be enough to cover the full cost of tuition and fees at private or out-of-state colleges.  If your school costs more than University of Washington or Washington State University, you pay the difference.  If it costs less, you can also use GET units to pay other higher education costs such as room and board, books, etc.

2. What if my child gets a scholarship?

You have several options. If your child's scholarship covers tuition and fees, you can use your GET units to pay for room and board, books, or other qualified higher education expenses. You can transfer the account, in whole or in part, to another family member (as long as you  don't exceed the 500 unit maximum). You can request a refund (see our Refund and Cancellation policy for details).  You can also wait up to ten years to see if your child may want to apply GET account funds toward graduate school.

3. What if my child chooses not to go to college?

You have several options. Your student has up to ten years after graduation to begin using his GET account. Many students who aren't ready for college upon graduation change their minds. You can transfer funds in the account to another family member with an existing account (as long as you don't exceed the 500 unit maximum), or change the student beneficiary on the entire account to another family member. You can request a refund as well, though you will need to pay taxes on any increase in value as well as a refund penalty.  Please review our Refund and Cancellation policy for details.

4. How do I know it's safe?

GET is one of only five state prepaid college tuition plans in the country with a guarantee in state law (RCW 28B.95.050). The state guarantees that if future tuition increases ever require the program to pay out more money than it has available, the Legislature would be required by state law to provide funding to cover the shortfall. GET is a self-sustaining program and does not rely on general state budget funds. The unit price is carefully evaluated twice yearly to ensure that future college funds will always be there for families who have enrolled their children in GET.

5. Who controls the account?

As the account owner, you maintain total control of your account and are the only one who can request account changes, distributions or a refund.  The student beneficiary does not have any control over the account, unless he or she is also the account owner.

6.  What if I can't make my monthly payments?  Can I get a refund?

If you can no longer make payments on your Custom Monthly contract, you have the option to 1) convert to a Lump Sum plan and end your monthly payments, 2) reduce the total number of units in your contract to lower your payment, 3) increase the number of years in your contract to lower your payment, or 4) close the account and request a refund.  Please review our Refund and Cancellation policy or call us for details.

7. Are units the same as credits?

GET units are not the same as credit hours at a college, university, or vocational school. Credit hours represent the academic value of a particular class. (For example, your child might earn 4 credit hours for completing English 101 at his college.) On the other hand, GET units are a financial measure and represent a way to pay for college.

One hundred GET units are equal to the cost of an academic year of resident undergraduate tuition and state-mandated fees at the most expensive Washington public university. Each GET unit is equal to 1/100 of that amount, and you can buy from 1 to 500 units per child.

8. How many units should I buy?

You decide how many units to buy, from a minimum of one unit to a maximum of 500 units per child.  You can use up to 125 units each academic year. Any unused units from one year will automatically roll over to the next year.

One hundred units will cover one year of resident undergraduate tuition and state-mandated fees at the most expensive Washington public university, either the University of Washington or Washington State University. One hundred units might cover two years at a local community college. Five hundred units will contribute significantly to your child’s overall college costs, but there will be additional expenses, (such as books, room and board) to plan for.

9. How is the payout value determined and why is the unit price higher?

The payout value of a GET unit is established at the beginning of each academic year when the state public universities set their tuition rates. The payout value for the 2011-2012 academic year is $102.23.  This represents 1/100^th of the actual resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university this year (100 units in the 2011-2012 academic year is valued at $10,223).

The unit purchase price is higher than the current payout value because the state guarantees that the money you put into GET will always keep pace with tuition in the future, even if it doubles or triples in that time. The GET Committee sets the unit purchase price based on an actuarial formula that takes into account the expected cost of future tuition, the expected return on investments, inflation, administrative costs, and a reserve to assist in periods of higher-than-expected tuition increases or lower-than-expected investment returns. It will take about four or five years to realize a gain on your investment, but GET’s increase in value is steady and guaranteed over the years. GET is a self-sustaining program and receives no ongoing state appropriations.

10.  How do I use my GET units?

When your student is ready to begin college we'll provide you with information about how to use your units.  You will complete an online Intent to Enroll form, then either a Direct Payment Request if you want GET to send money directly to the school, or a Reimbursement Request if you have paid college expenses from your own funds.  Remember that units must be held at least two years before they're eligible for use, and Custom Monthly Payment contracts must be paid in full.