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Washington State's 529 Prepaid College Tuition Plan

Aug 3, 2012

Washington State's 529 plan is called "GET" (Guaranteed Education Tuition) it is a prepaid plan that guarantees you that your account will grow and be the actual price of college fees and tuition's. Your account is guaranteed by the State of Washington to keep pace with resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington.

The student or account owner must be a resident of Washington at the time of enrollment. The account owner may be an individual, trust, corporation, partnership or other entity. The account owner does not have to be related to the student.

The value of a GET account is measured in "units," where 100 units represent the cost of one year of resident, undergraduate tuition and state-mandated fees at the highest priced public university (either UW or WSU). Individual units are valued at 1/100th of that cost.

The unit cost is based on the unit price in effect today when you purchase them. The future value of these units will be the actual price of resident, undergraduate tuition and state-mandated fees at the most expensive Washington public university (UW or WSU) at the time your child attends college. GET is GUARANTEED by the state of Washington to match rising tuition costs, even if they double or triple. Units can be purchased in whole or partial amounts, from 1 to 500 units per student. You can use the monetary value of your units to attend nearly any public or private university, community college or vocational school in the country. The monetary value remains the same wherever you use GET, so if your school costs more than UW or WSU, you apply the units you have and pay the difference. If it costs less, you can also use units to pay for room and board, books or other higher education costs.

The new unit price for 2012-2013 is $172. When our enrollment period opens (November 1, 2012 - May 31, 2013), you complete an enrollment form and include a one-time $50 enrollment fee, then choose your plan. You need to purchase at least one unit on the Lump Sum or at least 50 units on the Custom Monthly Plan. Each student needs an individual account. You can purchase any number of units, from one to 500 units per student. You can save through either the Lump Sum Plan (make contributions whenever you want) or the Custom Monthly Plan (contribute a specified amount each month). Or, you can choose a combination of both. The unit price is set annually, and may be adjusted once during the year. When you purchase Lump Sum units, you pay whatever unit price is in effect at the time of purchase. On a Custom Monthly Plan, you can "lock in" whatever is the current price and save for the number of units you want over time. GET is a self-sustaining program so Lump Sum units include a premium and the Custom Monthly Plan contains a 7.5% finance charge. You need to hold your units for at least two years before using them, and will need to hold them for at least four to five years before you realize a financial gain.

If you want to use your GET plan out of state keep in mind that there is no guarantee that it will cover the full cost of out of state tuition and you will be responsible for any shortages. But if used in Washington State it will cover 100% of tuition and costs.

The GET plan is a good option if you live or plan to attend college in Washington State.

The Washington State's 529 Prepaid College Tuition Plan Website Here

Got further questions? Catch me on twitter and DM me @529SavingsPlans or e-mail me at 529CollegePlans at Gmail.comWant to be heard? Leave a reader comment below.

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