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Guaranteed Education Tuition (GET)
Washington
Each unit acquired in this 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.
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General
Did you know?
Residents are not limited to investing in their own State's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Program type:
Prepaid unit / Guaranteed savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
1998
Enrollment period:
September 15, 2009 through March 31, 2010. Parents with children under 1 year of age may enroll at any time.
State agency(ies):
Washington State Higher Education Coordinating Board, with the State Treasurer as a member of the GET committee that oversees the program.
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:
$50,500.00 for 500 units, installment payments available
Minimum contributions:
One unit ($101 through April 1, 2010)
Contractual Features
Current value of one unit:
$76.00 for the 2009-2010 academic year
Current unit price:
$101.00 as of May 1, 2009
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 ($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
Telephone:
1-800-955-2318
Web site:
Plan News
- Article: Washington tuition deregulation may hurt GET (07/27/2006)
- Washington's GET prepaid program is modified (05/24/2005)
State News
- Washington places cap on tuition increases (04/21/2007)
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