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Washington's GET prepaid program is modified

(May 24, 2005) - The Governor has signed legislation (SB 5926) making modifications to Washington's GET prepaid tuition program.

-- The requirement that the beneficiary must reside in the state of Washington at the time of account opening has been eliminated. Any Washington resident may now use GET regardless of beneficiary residence.

-- Tuition units purchased more than two years before the filing of bankruptcy proceedings or a bankruptcy judgment are excluded from consideration as personal assets.

-- The concept of weighted average tuition is removed from the GET Program statutes. Refunds payable if the program is terminated or if a beneficiary chooses not to attend college are based on the current value of tuition and fees, as determined by the program's governing committee.

-- An academic year for purposes of the GET Program is redefined as August 1 through July 31, rather than July 1 through June 30.

-- Under the GET Program, "tuition and fees" does not include S & A fees charged now or in the future for the payment of bonds or other indebtedness for acquiring, constructing, or installing any lands, buildings, or facilities.

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