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529 PLANS

Guaranteed Education Tuition (GET)

Washington

Each unit acquired in Washington's Guaranteed Education Tuition (GET) prepaid tuition program is worth 1% of the resident undergraduate tuition at the highest-priced Washington state public university and may be redeemed at any eligible educational institution in the country.

5-Cap Rating

Resident:
Non-Resident:

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)

Financial benefits Safety Features Reliability
2.0 5.0 4.0 4.0

General

Program type:

Prepaid unit / Guaranteed savings

How to enroll:

Enroll directly with the program.

Initial year of operation:

1998

State agency(ies):

Washington State Student Achievement Council, with the State Treasurer as a member of the GET committee that oversees the program.

Enrollment period:

November 1, 2014 through May 31, 2015. Children from birth to 12 months of age may be enrolled year-round.

Eligibility

State residency requirements:

The account owner or the beneficiary must be a Washington resident at the time of program enrollment.

Who can be a participant/owner in the program?

Individuals (including minors), UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

Tuition units purchased can be redeemed or refunded after two years from account opening, with exceptions for the beneficiary's death or disability, financial hardship, cancellation within six months, and accounts with total contributions under $500. Units must be used within 10 years after the beneficiary's projected college entrance year or the first use of units, whichever is later.

Contributions

Maximum contributions:

$86,000.00 for 500 units, installment payments available.

Minimum contributions:

One unit ($172 through June 30, 2014).

Contractual Features

Current value of one unit:

$117.82 for the 2013-2014 academic year (effective August 1, 2013).

Current unit price:

$172.00 through June 30, 2013.

Are program benefits backed by the full faith and credit of the state?

Yes

Are program benefits collateralized or guaranteed in any other way?

No

Fees & Expenses

Enrollment or application fee:

$50. There is a $100 limit per family.

Taxes and other Benefits

Program match on contributions:

Premium subscription required for this data.

State tax deduction or credit for contributions:

Not applicable. Washington does not have a personal income tax.

State tax treatment of qualified distributions:

Not applicable. Washington does not have a personal income tax.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes, Washington considers current income for state financial aid purposes (all assets, including 529 accounts, are excluded from consideration).

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

No

Statutory protection of an account from creditors:

Premium subscription required for this data.

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer contract ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Contact

Web site:

Click here to visit

Telephone:

1-800-955-2318

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