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Enrollment is closed and will reopen September 15, 2008.
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Frequently Asked Questions

Our annual enrollment year ended March 31 and will reopen September 15, 2008.

Following are some of the most commonly asked questions about the GET Program. If you don't see your question below, please call us toll-free at 1-800-955-2318 or send us an email.

About the GET Program

What is GET?
GET is Washington state's 529 prepaid college tuition program. With GET, you prepay for your child's college tuition today. The State of Washington guarantees that the value of your units will keep pace with resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington, either the University of Washington or Washington State University. The GET Program is a Qualified Tuition Program under Section 529 of the Internal Revenue Code and is governed by federal IRS rules and Washington State law (RCW 28B.95).�

What is a 529 plan?
A state 529 plan is a college savings plan named for the section of the federal tax code that authorizes them. You put in after-tax money. Your money grows tax-free and all withdrawals are tax-free when used for tuition, room and board, and other qualified higher education expenses.

There are two types of state 529 plans: college savings plans and prepaid tuition plans. They differ in who chooses the investments and who assumes the risks.

College savings plan. You pick your investments and shoulder all of the investment risk. The value of your account is based on the performance of your investments. When it's time for college, you have whatever money is in your account.

Prepaid tuition plan (GET Program). You prepay for college tuition today for use in the future. The value of your account is guaranteed by the state to keep pace with resident undergraduate tuition and state-mandated fees at the most expensive Washington public university. The state picks the investments and assumes all the investment risks.

Most states now have either a 529 college savings plan or a 529 prepaid college tuition plan. Some states have both. Washington’s GET Program is a 529 prepaid college tuition plan.

Accounts in both types of plans now receive favorable treatment for financial aid purposes as a result of a recent federal law. If the parent is the account owner, the account is considered an asset of the parent and treated like any other parental asset in determining a family's eligibility for federal financial aid.

To learn more about 529 plans, visit the College Savings Plan Network Web site.

What does the State of Washington guarantee?
The state guarantees that if you buy 100 units today, your 100 units will equal the actual cost of one academic year of resident undergraduate tuition and state-mandated fees at the most expensive Washington public university when your child enrolls in college, regardless of how much tuition has increased over time. If you buy one unit, it will be worth 1/100 of that actual cost. The value of a unit is determined annually and is the same whether you use it to pay costs at a Washington public college or a private or out-of-state college.

The state guarantee is backed by the full faith and credit of the State of Washington. That means 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. Washington�s GET Program is one of only a few state prepaid college tuition plans in the country with a guarantee in state law (RCW 28B.95.050).

Can GET accounts be used only at Washington colleges?
You can use your GET units at nearly any public or private college, university or vocational school in the United States and selected colleges in other countries. A college is eligible if it participates in federal financial aid programs through the U.S. Department of Education. For a list of participating schools, visit the Free Application for Federal Student Aid (FAFSA) Web site.

Keep in mind that your GET units may not be enough to cover the full cost of tuition and fees at private or out-of-state colleges. In addition, enrollment in the GET Program does not guarantee that you child will pay in-state resident tuition or be admitted to any college. .

Do I have to pick a college when I enroll in the program?
No, you do not have to pick a college when you enroll. When your child is ready for college, we will send you information about how to use your account.

What is a unit?� Is it the same as a credit hour?
GET units are not the same as credit hours at a college, university, or vocational school.� One hundred GET units are equal to one academic year of resident undergraduate tuition and state-mandated fees at the most expensive Washington public university. One GET unit is equal to 1/100 of that amount.

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Opening Your GET Account

How do I enroll in the GET Program?
Enrollment in the GET Program ended March 31 and will reopen September 15, 2008. We are happy to mail you information about the program and how it works. Request information about the GET Program.

Who can open a GET account?

You can open an account for anyone -- your child, grandchild, niece or nephew, friend or even yourself. The only requirement is that either the student beneficiary OR the account owner be a Washington resident at the time of enrollment. Children of military personnel who claim Washington as their home of record also are eligible to participate in GET too. Simply submit documentation of Washington residency when you enroll.

What if I move out-of-state after I open my account?

If you move out-of-state after opening your GET account, you can still make regular contributions and use your units for qualified higher education expenses. The value of your account will still be based on resident undergraduate tuition and state-mandated fees at the most expensive Washington public university at the time you use your units, regardless of where your child attends college.

I'm expecting a baby. Do I have to wait until the baby is born to open an account?

No. In fact, GET units make great baby shower gifts. You can open an account during an annual enrollment period (September 15 through March 31) and list yourself as both the account owner and the student beneficiary. After the baby is born and has a Social Security number, simply fill out a Change of Student Beneficiary form to add your child to the account.

Who controls a GET 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.

Why do I need to choose a payment plan? What are my options?
Picking a payment plan allows you to decide how much and how often you want to save. You have two options: (1) Lump Sum Plan and a (2) Custom Monthly Plan.

The Lump Sum Plan is a “pay as you go" option. You buy units whenever you want. You can buy between 1 and 500 units per student. There is no monthly payment obligation and you don’t even have to buy whole units. The only time you are required to buy at least one unit is when you enroll. You are subject to the unit price increases on September 1 and May 1 of each year. In addition, you must hold your units in your account for at least two calendar years before you can use them.

The Custom Monthly Plan is a defined monthly payment plan. Your monthly payment remains the same throughout the term of your contract and includes a fixed 7.5 percent finance charge. You can buy between 50 and 500 units. Your payment period is based on when you plan to begin using your units, up to 18 years in the future. To use your units, your plan must have been open for at least two calendar years and be paid in full.

What if I want to set up a Custom Monthly Plan and buy Lump Sum units?

If you do not have a GET account, simply sign up for a Custom Monthly Plan account during our annual open enrollment period (September 15-March 31). Our Custom Monthly accounts are automatically set up to accept Lump Sum purchases. If you use the paper enrollment form, please complete both areas of section 5 and include your payment for your Lump Sum purchase with the enrollment form.

If you already have a Custom Monthly Plan account, it's easy. Send us your payment for additional Lump Sum units and include your GET account number and a note telling us that you want to buy additional units. If you recently enrolled online, please include a copy of your enrollment summary.

If you already have a Lump Sum Plan account, you can add a Custom Monthly Plan to your account only during our annual enrollment period (September 15 through March 31).

What if I suddenly can�t make the monthly payment on my Custom Monthly Plan?
If you can no longer make the payments on your Custom Monthly contract, you have four options:

Convert your Custom Monthly Plan to a Lump Sum Plan and end your monthly payments.

Reduce the total number of units in your contract to lower your monthly payment.

Increase the total number of years in your contract to lower your monthly payment. Please note that your contract must be paid in full before you can use your units.

Close the account and request a refund. Please review our GET Cancellation and Refund Policy or call us for details.

To make changes to your contract, please complete an Account Change Request form . To request a refund, please complete a Refund/Cancellation Request form.

Can I pay off my Custom Monthly Plan early?
Yes, you can pay off your Custom Monthly Plan early, although you won't save any interest. Please call us to learn about other options.

If I sign up for a Custom Monthly Plan and later decide I want to buy more units, what could I do?
You have two options:

If you set up a Custom Monthly contract during a previous enrollment period, you would need to set up a second Custom Monthly contract during an open enrollment period. Your new contract would be priced at the new rate.

You could buy additional Lump Sum units at the new unit price in one purchase or through a series of smaller purchases. Each purchase would be based on the unit price in effect at the time.

If I buy units through the Lump Sum Plan, how do I buy more units? Do I have to fill out another enrollment form?
You do not have to complete a new enrollment form to buy more Lump Sum units. If you bought fewer than 500 units when you enrolled, you'll receive a coupon book for future purchases. If you designated giftors who can contribute money to your account, they'll receive coupon books too.

How do I add a Custom Monthly Plan to a Lump Sum Plan account?
You may add a Custom Monthly Plan to your existing Lump Sum Plan account for the same student ONLY during the annual enrollment period (September 15 through March 31). Your Custom Monthly Plan will be based on the rates of the current enrollment year and will include a fixed 7.5 percent finance charge. You don't have to pay an additional enrollment fee.

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Buying GET Units

How do I make a payment?
You have four options:

Coupon book. You'll receive a coupon book unless you chose automatic bank withdrawal. Authorized giftors on your account also will receive coupon books. Please mail all checks to: GET Program, P.O. Box 84824, Seattle, WA 98124-6124.

Automatic withdrawal. Complete the paper Automatic Withdrawal Authorization form or complete the form online by accessing your account with your Login ID and PIN.

Payroll deduction. If your employer participates in GET Payroll Deduction, please complete a Payroll Deduction Authorization form and submit it to your payroll office.

Online payments. You can transfer money from your bank directly to your GET account through our electronic bank transfer system. US Bank charges a $1 transaction fee for this service. You can access your account with your Login ID and PIN.

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.

One hundred units are guaranteed by the state to 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. If your student attends a less expensive college, such as a community college, you'll need fewer units for tuition and can use your extra units for books, room and board, or other qualified higher education expenses.

Can more than one person contribute to my GET account?
Yes, anyone can contribute to your GET account. Buying units is a great gift idea for grandparents, other family members, and friends. You can name "giftors" who can contribute money to your account. Give your giftor one of your coupons or download a Giftor Authorization form and mail it to us. We'll send your giftor a coupon book. All gift payments to your account belong to you, the account owner.

If you have a Custom Monthly Plan, we'll apply all contributions to your Custom Monthly account unless your giftor specifies that the money should be used to buy Lump Sum units.

Can I buy GET units by transferring or rolling over money from other accounts?
You can make the following transfers or rollovers.

Series EE or I U.S. Savings Bonds. You must liquidate your bonds and then complete an Incoming Rollover/Transfer form. To learn more about liquidating savings bonds, please visit the U.S. Department of the Treasury Web site.

Coverdell Education Savings account. If you transfer funds from a Coverdell Education Savings Account, you must complete a Incoming Rollover/Transfer form.

Another 529 program. You can authorize the direct rollover of money from another qualified 529 plan to your GET account. If you want the other 529 plan to send the distribution directly to GET, you may need to complete one of their forms. Then complete an Incoming Rollover/Transfer form.

Please review IRS Publication 970 and the "Tax Matters" section of GET Program Details. We also encourage you to consult your tax advisor because these transactions may be taxable.

Can I roll over funds FROM the GET Program to another 529 program?
The GET Program currently does not allow this type of rollover. If you want to transfer funds to another 529 program, you must request a non-qualified refund of your units and pay any applicable program penalties and fees. You also will pay federal taxes and penalties on the earnings portion of the refund unless you reinvest the funds in a qualifying account in another 529 program within 60 days. Please complete a Refund/Cancellation Request form and review our Cancellation and Refund Policy for more information. We also encourage you to consult your tax advisor because this transaction may be taxable.

Can I buy GET units with funds from an existing UGMA or UTMA custodial account?
Funds invested in an UGMA or UTMA account (Uniform Gift to Minors Act/Uniform Transfer to Minors Act) belong to the minor. The custodian has a legal obligation to use the funds solely for the benefit of the minor. To maintain the proper ownership of these funds, a GET account must name the minor as both the account owner and the student beneficiary. You'll need to name a custodian or trustee to manage the account on the minor's behalf.

Once you set up your GET account, you can liquidate the UGMA or UTMA account and send the funds to the GET Program. Please consult your tax advisor because this transaction may be taxable. Finally, we recommend that you open a second GET account for additional contributions. You'll own the funds in this second account. The child will own all money in the first account (transferred UTMA/UGMA funds).

How is the GET unit price determined?
The GET unit purchase price is based on an actuarial formula, which incorporates several factors, including the current cost of tuition, estimated future tuition, inflation, investment returns, administrative costs, and a reserve to assist in periods of lower-than-expected investment returns or higher-than-expected tuition increases. Since the GET Program guarantees it will cover the cost of future tuition, we must set a unit price to ensure that we have sufficient funds for all future payouts. The GET Program may adjust the unit price on May 1 and September 1 every year.

I bought units last year. Do I need to report anything on my federal income tax return?

If you made contributions to your account but did not make any withdrawals, you generally don't need to report anything on your federal income tax return. Your contributions are non-deductible. Please review IRS Publication 970 or consult a tax advisor for details.

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Using My GET Units

How do I access my account when my child is ready to begin college?
In the spring before your student will begin college, we'll mail you information about how to use your units. You, as the account owner, must initiate all distributions from your account.

When it's time for college, you'll need to complete two steps in the following order:

Complete an Intent to Enroll form at the beginning of each academic year (even if your student is attending the same school) or if your student changes schools mid-year.
Choose your payment option. To have GET send a payment directly to the school, complete a Direct Payment request for each term your student will attend. Or pay the school yourself and request reimbursement by completing a Reimbursement Request.

You can complete all of these forms by logging in to your GET account.

What if my child decides not to go to college?
As the account owner, you have four options:

Wait and do nothing immediately. Your student has up to 10 years from the time he or she can access the units to use the funds.

Transfer the funds to another family member with an existing account by completing a Transfer Request form.

Change the student beneficiary to another family member by completing a Change of Student Beneficiary form.

Request a refund by completing a Refund/Cancellation Request form. This form must be notarized. Review our Cancellation and Refund Policy to learn more.

How soon can I use my GET units?
You must hold Lump Sum and Custom Monthly units for at least two calendar years before you can use them. In addition, your Custom Monthly contract must be paid in full. Please note that the longer the units remain in your account, the greater your long-term return on investment will be. You should plan to hold your GET units for at least two years before you can expect to see any real gain.

How many units can I use each academic year?

You can use up to 125 eligible units per academic year and any unused units rolled over from previous years of eligibility.

How is the value of my account determined?
One GET unit equals 1 percent of the resident undergraduate tuition and state-mandated fees at the most expensive Washington public university at the time of use. We determine this value, known as the unit "payout value," at the beginning of each academic year when the state public universities set their own tuition rates.

For the 2007-2008 academic year, the payout value of one GET unit is $62.90.

For the 2008-2009 academic year, the payout value of one GET unit is projected to be an estimated $67 if tuition continues to climb 7 percent annually. We'll post the new unit payout value after August 1..

Example 1: Your student attends a Washington public college.

Your student will attend The Evergreen State College and you have 100 eligible units. Tuition at Evergreen is equal to about 75 units. Consequently, after paying tuition, you will have about 25 remaining GET units. You can use these units for books, housing and other qualified higher education expenses or wait and use them the following year.

Example 2: Your student attends a private or out-of-state college.

Your student will attend the University of Idaho as a non-resident. You would like to use 100 GET units to help cover the costs. For the 2007-2008 academic year, the payout value of one GET unit is $62.90. Therefore, 100 units are worth $6,290. You can use this amount to help offset your student's total costs. You and your student will be responsible for covering any remaining costs.

Why is the current GET unit price higher than the current GET unit payout value?
Because the state guarantees that the money you put into GET will keep pace with rising tuition, we must ensure that we always have sufficient funds available. The GET Committee sets the unit price twice annually and includes a premium based on an actuarial formula. This formula includes current tuition, estimated future tuition, inflation, investment returns, administrative costs, and a reserve to assist in periods of lower-than-expected investment returns or higher-than-expected tuition increases. GET is a self-sustaining state program and receives no ongoing state appropriations.

Can a part-time student use this program?
Yes, you can use your GET units if your student attends school part-time. The value of your GET units will still be based on the resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington.

Where can I use my units?
You can use your units at nearly any college, university or vocational school � public or private � in the United States and 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 a list of eligible schools or to verify a federal school code, visit the US. Department of Education's Free Application for Federal Student Aid (FAFSA) Web site.

If your student attends a private or out-of-state college, you'll have to pay the difference between the value of your GET units and the college's tuition. In addition, enrollment in the GET Program does not guarantee that your student will pay in-state resident tuition or be admitted to any school.

Can I use my GET account for graduate school?

Yes. However, if tuition for graduate school is higher than resident undergraduate tuition at the most expensive Washington public university, you'll pay the difference.

My child is taking college-level courses through the Running Start program. Can I

use my GET account to pay for them?

You can use your GET account to pay for books and other eligible out-of-pocket expenses that are required for Running Start courses. You cannot request reimbursement for tuition since it is subsidized and not an out-of-pocket expense.

What will my units cover?
GET units are designed to pay college tuition. However, if you have eligible units after paying tuition, you can use them to pay for room and board, books and other qualified higher education expenses. Review IRS Publication 970 for details.

You can use up to 125 eligible units per academic year and any unused units from a previous year. For example, if you have 250 units and use 100 units in the first year, you could use 150 units in the second year (25 leftover units + 125 units = 150 units).

If you use your units for room and board, you can pay up to the total room and board allowance calculated by the college in its Cost of Attendance budget. Check with your child's college financial aid office to determine its room and board allowance.

What are state-mandated fees?
State-mandated fees are required by state law and charged to every student who attends a Washington public college or university. They include operating, building, and services and activities fees. They do not include fees imposed by an individual school. These school-required fees may include technology fees, library fees, recreation fees, fees to secure repayment of bonded indebtedness or other types of fees. These fees are not considered state-mandated fees and, therefore, are not included when determining the GET unit payout value. However, you can use your units to pay these additional fees if you have extra units available after paying tuition and state-mandated fees.

How will a GET account affect my child�s eligibility for financial aid?
A GET account is now considered an asset of the account owner. If the parent is the account owner, the GET account is considered an asset of the parent and treated like any other parental asset in determining a family's eligibility for federal financial aid. Consequently, a GET account has significantly less impact on the student's eligibility for financial aid, as determined by the Free Application for Federal Student Aid (FAFSA).

What if my child receives a scholarship?

You have four options:

Use your GET units to pay for room and board, books, and other qualified higher education expenses if your child's scholarship covers tuition and fees.

Hold your units for use in the future. Your child has up to 10 years to use his or her units.

Transfer the account to a family member.

Request a refund. Please review our Cancellation and Refund Policy for details.