GET helps families save
The GET Program is Washington’s 529 prepaid college tuition plan. It was established in 1998 to help families save for their child’s future higher education. Since that time, over 154,000 GET accounts have been opened and over 34,000 students have already used their accounts to attend colleges, universities, and technical schools nationwide. Here’s why:
The State of Washington guarantees that the value of your account will increase right along with the rising cost of college tuition, no matter how much it increases in the future. You don’t have to worry about the ups and downs of the stock market. You are assured that the money you invest in GET will be there when your child is ready for college.
Choice of colleges nationwide
You can use your GET account at nearly any public or private college, university or technical school in the country and even at some schools around the world. The value of your account is determined by the cost of resident, undergraduate tuition at Washington’s most expensive public university (UW or WSU) but you can use your account to pay college expenses practically anywhere. Your GET units have the same monetary value whether your child attends University of Washington, a local community college or a private university in another state.
Tax-free savings and withdrawals
Because GET is a state 529 plan, the after-tax money you put in will grow tax-free. And when your child is ready for college, the money you withdraw will be tax-free too, as long as you use it for qualified higher education expenses.
Flexibility and control
You can use your GET account not only for tuition, but also for room and board, books, or other qualified expenses. If your child chooses not to go to college or receives a scholarship, you can transfer your account to another family member, hold onto your account for a change of plans, save it for graduate school, or even request a refund. And, unlike some other savings options, you maintain complete control over the account.
Easy ways to save
You can set up a monthly payment plan, send a check whenever you have extra money to contribute, or choose a combination of the two. You can open an account for anyone – your child, grandchild, friend or even yourself. The only requirement is that either the account owner or the student is a Washington resident at the time of enrollment in the program.