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Guaranteed Education Tuition (GET)

Prepaid Plan

Prepaid Plans let you pre-pay all or part of the costs of a college education. They may also be converted for use at private and out-of-state colleges. Because of the unique structure of these plans, they are not considered in our ratings methodology.

The GET Prepaid Tuition Plan (GET) is Washington's 529 prepaid college tuition plan that helps families save for future higher education expenses. The State of Washington guarantees that the value of your account will keep pace with the cost of college tuition, no matter how much it changes in the future. GET opened in 1998, and since then, over 67,000 students have used $1.5 billion in GET benefits to help pay for qualified higher education expenses at colleges, universities, and technical schools nationwide and around the world.

OVERVIEW

Program type

Prepaid unit / Guaranteed savings

Enrollment period

Nov 1 - May 31 Annually. Units can be purchased at the annual unit price through June 25 each year.

Inception

1998

State agency

Committee on Advanced Tuition Payment and College Savings (WA529 Committee)

Tax deduction

For single filers: None

For joint filers: None

MORE INFORMATION

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:

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:

800 units at the annual unit price (or $500,000 combined funds with another Washington state 529 investment plan).

Minimum contributions:

Minimum initial contribution of $25 per account and no minimum for subsequent contributions. The minimum contribution amount for payroll direct deposit is $5 per account per month.

Contractual Features

Current value of one unit:

The GET Prepaid Tuition Plan has historically provided that each unit acquired in the program is valued at 1% of the resident undergraduate tuition at the highest-priced Washington state public university. The payout value is adjusted annually. GET units may be redeemed at eligible educational institutions worldwide. The payout value is $123.76 as of August 1, 2024.

Current unit price:

The unit price for the 2024-25 enrollment year is $123.76 (through June 25, 2025). The unit price for the 2025-26 enrollment year is scheduled to be adopted in September 2025.

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

Yes

Are program benefits collateralized or guaranteed in any other way?

Fees & Expenses

Enrollment or application fee:

None

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Washington doesn't offer tax deductions

Program match on contributions:

State tax deduction or credit for contributions:

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

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

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, Prepaid Tuition accounts may be considered when determining eligibility for State financial aid programs. Check with the financial aid office of an Eligible Educational Institution for more information.

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

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

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

Website:

https://wastate529.wa.gov/

Telephone:

1-800-955-2318

Twitter

https://twitter.com/wa529plans

Social Media

GuaranteedEducationTuition Instagram: @wa529plans
LinkedIn: http://linkedin.com/company/wa529

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