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Top Ten FAQs
Can GET be used at private colleges or out-of-state universities?
You can use your GET units at nearly any public or private college, university, or technical school in the United States and at 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 see if your student's school is an eligible institution, we encourage you to use the Federal School Code Search tool on the FAFSA website. They use the same criteria that we do.
Your GET units may not be enough to cover the full cost of tuition and fees at private or out-of-state colleges. If your school costs more than the University of Washington or Washington State University, you either pay the difference or use more units. If it costs less, you can also use GET units to pay other higher education costs such as room and board, books, etc.
What happens to my GET units if my child gets a scholarship?
You have several options. If your child's scholarship covers tuition and fees, you can use your GET units to pay for room and board, books, or other qualified higher education expenses. You can transfer the account, in whole or in part, to another family member (up to the 800-unit maximum). You can roll the unused funds into a Roth IRA for the beneficiary (limitations apply). You can wait up to ten years to see if your child may want to apply GET account funds toward graduate school. Or, you can request a refund (see our Refund and Cancellation policy).
How will a GET account affect my financial aid?
As with any 529 plan, GET savings can impact financial aid eligibility - however, the impact is typically small. The Free Application for Federal Student Aid (FAFSA) assesses parent or dependent student-owned 529 accounts at about 5.64 percent of the value when calculating the Student Aid Index (SAI). Accounts owned by other parties have different (and in some cases no) impacts. For more specifics consult studentaid.gov or a financial or tax advisor.
What happens to my GET units if my student chooses not to go to college?
You have several options. Your student has up to ten years after his or her selected benefit use year to begin using the GET account. Many students who aren't ready for college upon graduation change their minds. You can transfer funds in the account to another family member with an existing account (as long as you don't exceed the 800 unit maximum), or change the student beneficiary on the entire account to another family member. Or you can request a refund (see our Refund and Cancellation policy).
Beginning in January 2024, unused funds in a 529 account may also be rolled into a Roth IRA account for the student. Limitations apply. Please review the following:
- Secure 2.0 and your 529 Account;
- GET Program Details booklet;
- consult a financial advisor.
How do I know purchasing GET units is safe?
GET is one of only a few state-sponsored prepaid college tuition plans in the country with a guarantee in state law (RCW 28B.95.050). The state guarantees that if future tuition increases ever require the program to pay out more money than it has available, the Legislature would be required to provide funding to cover the shortfall. GET is a self-sustaining program and does not rely on general state budget funds. The unit price is carefully evaluated up to twice yearly to ensure that future college funds will always be there for families who have enrolled their children in GET.
What are my options if I can't make my monthly payments?
If you can no longer make payments on your Custom Monthly contract, you may have the option to 1) convert to a Lump Sum plan and end your monthly payments, 2) reduce the total number of units in your contract to lower your payment, 3) increase the number of years in your contract to lower your payment, or 4) close the account and request a refund. Please review our Refund and Cancellation policy, or call us for details.
Are GET units the same as credits?
GET units are not the same as credit hours at a college, university or technical school. Credit hours have an academic value. Credits vary between schools and represent academic year or degree requirements (i.e. English 101 might be worth 4 credits). GET units have a dollar value. You purchase GET units at today’s price, and whenever your child attends college, the dollar value of your units will be based on tuition costs at that time, no matter how much they have increased. One unit = 1/100th of the actual resident, undergraduate tuition and state-mandated fees at Washington’s highest-priced public university. You can use that money toward any qualified higher education costs (such as tuition, room and board, and books) at any qualified college, university, or technical school worldwide. You may even use GET units to pay costs associated with some apprenticeships.
How many GET units should I buy?
You decide how many units to buy, from a minimum of one unit to a maximum of 800 units per child. You can even buy partial units in any amount. You can use up to 200 units each academic year. Any unused units from one year will automatically roll over to the next year.
The fact is that most college costs are covered by a combination of savings, part-time work, scholarships, loans and grants. It’s important to realize that whether you can afford 25 or 800 units, you are helping to make higher education dreams a reality for your child.
One hundred units will cover resident undergraduate tuition and state-mandated fees for a year at University of Washington or Washington State University. Fewer units may cover two years at a local community college. There are also other expenses to plan for, such as books, room and board, and supplies.
How is the GET unit price set? Why is it sometimes higher than the payout value?
The WA529 Committee sets the unit purchase price with the input of an actuarial formula that considers estimated future tuition, projected inflation and investment returns, and administrative costs. It also includes a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition. The WA529 Committee sets the unit price annually and may adjust it one time during the year, if needed, to ensure financial stability for the program.
The payout value of a GET unit is established at the beginning of each academic year when the state public universities set their tuition rates. Each year, the payout value of a GET unit represents 1/100th of the actual resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university.
The GET unit purchase price is sometimes higher than the current payout value because the state guarantees your GET account will keep pace with tuition in the future, no matter how much it changes. This premium over current tuition ensures stability for the program.
However, for the past three academic years, the Unit Purchase Price and the payout value have been equal, enabling savers to pay for tomorrow’s education at today’s cost.
GET's guarantee ensures that the amount of tuition you buy will cover the same amount of in-state tuition in the future. While GET does not guarantee that you will make money, many risk-averse savers with ample time to save take comfort in knowing what they have purchased in advance, without worrying about what happens with stock markets or in-state tuition costs in the future.
How do I use my GET units?
When your student reaches their Benefit Use Year (the year they turn 18), we’ll send you information on how to use your units. Units must be held at least two calendar years before they can be used, and Custom Monthly Plans must be paid in full.
If you want GET to send money directly to the school, you should complete a Direct Payment Request. If you have paid college expenses from your own funds, complete a Reimbursement Request. Both can be found on the GET Forms page. As the account owner, you maintain control of your account and are the only one who can request account changes, distributions or a refund. Learn more on the Pay for School with GET page.
About the GET Program
What is GET?
GET is Washington State’s 529 prepaid education tuition program. It is governed by federal IRS rules and Washington State law (RCW 28B.95). With GET, you save money by prepaying part or all of your child’s higher education costs now, to avoid paying higher costs in the future. The State of Washington guarantees that the value of your account will keep pace with the cost of resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington (usually the University of Washington or Washington State University). Although the value of your account is determined by tuition costs at UW or WSU, you can use your account worldwide at practically any public or private college, university or vocational school, and the monetary value remains the same.
Learn more about how GET works, and be sure to review our Program Details Booklet.
What is a 529 plan?
A state 529 plan is a college savings plan named for the section of the Internal Revenue Code (Section 529) that defines these types of plans. Under this code, you contribute after-tax money and your money grows tax-free, and all withdrawals are tax-free, when used for tuition, room and board, or other qualified higher education expenses.
There are two types of state 529 plans: college savings plans and prepaid tuition plans. The difference lies in who chooses the investments and who assumes the risks.
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Most states now have either a 529 college savings plan or a 529 prepaid college tuition plan, or both. Washington’s prepaid 529 plan is called Guaranteed Education Tuition (GET). Washington's college savings plan, DreamAhead, opened in 2018.
Accounts in both types of plans receive favorable treatment for financial aid purposes by federal law. If the parent is the account owner, the account is considered an asset of the parent in determining a family's eligibility for federal financial aid. It is treated by the financial aid formula at a much lower rate than student savings.
To learn more about 529 plans, visit the College Savings Plans Network website.
What makes GET different than any other investment/savings method?
First, the guarantee sets GET apart from any other investment because the value of a GET account is tied to tuition and state-mandated fees at the highest-priced Washington public university. Because of this, families can be confident in knowing what their savings will get them in the future (e.g. if you buy 100 units today, you know that you will have one year of tuition and state-mandated fees covered at a Washington public university now and into the future, no matter how much tuition changes). Secondly, the earnings and withdrawals are tax-exempt when the money is used for higher education expenses.
What does the State of Washington guarantee with GET?
The state guarantees that if you buy 100 units today, your 100 units will be worth 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. You can buy any amount from one to 800 units per student and each unit will be worth 1/100th of that cost. This is called the “payout value” of a unit and it is determined annually. The monetary value remains the same whether you use your units 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).
What is a GET unit? Is it the same as a credit hour?
GET units are not the same as credit hours at a college, university, or technical school. Credit hours represent the academic value of a particular class (e.g. your child might earn four credit hours for completing English 101 at his college). On the other hand, GET units are a financial measure and represent a way to pay for college. One hundred GET units are equal to the cost of an academic year of resident undergraduate tuition and state-mandated fees at the most expensive Washington public university. Each GET unit is equal to 1/100 of that amount, and you can buy from one to 800 units per child.
Can GET accounts be used at colleges outside Washington state?
You can use your GET units at nearly any public or private college, university or technical school in the United States and at selected institutions in other countries. A college is eligible if it participates in federal financial aid programs through the U.S. Department of Education. To see if your student's school is an eligible institution, we encourage you to use the Federal School Code Search tool on the FAFSA website (they use the same criteria that we do).
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. If your school costs more, you either pay the difference or use more units. If it costs less, you can use GET units to cover other higher education costs, such as room and board, books, etc. In addition, enrollment in the GET Program does not guarantee that your 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 GET program?
No, you do not have to pick a college when you enroll. When your child is ready for college, we will provide you with information about how to use your account.
What happens if the GET Account Owner becomes legally incapacitated or dies?
The person that the Account Owner named as the Account Owner Survivor would assume control of the account. If an Account Owner Survivor has not been named on an Account and the Account Owner dies, control and ownership of the Account will become subject to the estate laws of the state in which the Account Owner resided. If an Account Owner Survivor is a minor at the time of the Account Owner’s death, then a Guardian must be named by the minor Account Owner Survivor’s parent or guardian.
I bought GET units in the 2019-20 or 2020-21 enrollment year at a price higher than the current unit price. How does a lower unit price affect my account?
The GET unit price for the 2021-22 enrollment year was $114.01, which matched the 2021-22 GET Unit Payout Value. This was the first time in GET's unit pricing history in which the price and payout value matched.
Like with most products, the cost of GET units is generally expected to increase over time, as is the payout value. The 2021-22 enrollment year, the GET unit payout value actually did increase with tuition by 2.6%. However, the WA529 Committee was able to bring down the price of new units. This was primarily due to lower assumed future tuition growth that caused the Office of the State Actuary to set the "best estimate" GET unit price at $114.
The Committee recognized that while a low GET unit price would be welcome news for most Washingtonians, it could also have been disheartening to GET account owners who purchased units in the 2020-21 enrollment year at $133 (since adjusted to $122 as a result of Senate Bill 5430) or in the 2019-20 enrollment year at $121.
Therefore, the Committee leveraged GET's strong financial position to adjust the unit price for those two years to $114.01.
For detailed information on the 2021-22 GET unit price and how it may have affected your account, see the 2021-22 Unit Price Resource Page.
Opening Your GET Account
How do I enroll in the GET Program?
It's easy to enroll in GET online or by mailing a paper form:
- Online: Visit our GET Started page and click a blue "Enroll in GET Now" button to enroll online during our open enrollment period (November 1 - May 31). The on-screen instructions will guide you through the process.
- By Mail: You may download an enrollment form (found on the GET Forms page) complete it, and mail it to us. Or, visit our Request Materials page and request that an enrollment form to be mailed to you. If you choose this option, make sure to request the Program Details booklet and/or the GET Enrollment Guide. You can find electronic copies of these documents on our forms page.
If you have any questions about the enrollment process you can get most of the information from our website or call or email our Contact Center at 800.955.2318 or GETInfo@wsac.wa.gov.
Who can open a GET account?
Adults 18 or older 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. Simply submit documentation of Washington residency when you enroll.
Once I've enrolled in GET, what can I expect as a new participant?
The first thing you can expect is a "Welcome" email within 7 - 10 business days of your enrollment. It will advise you to log in to your account and review it for accuracy and to check for any alerts or messages about your new account. On a quarterly basis you will also receive an email advising you that your statement is online and ready to be viewed. Other email correspondence may arrive depending on the type of account you have, program updates, and when your student will begin college. GET is moving toward a paperless environment, so email and online processes are encouraged.
Who controls a GET account?
The account owner maintains total control of your account and is the only one who can request account changes, distributions or a refund. The student beneficiary does not have any control over the account, unless they are also the account owner.
What if I move out of state after I open my GET 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 always be based on resident undergraduate tuition and state-mandated fees at the highest priced Washington public university at the time you use your units, regardless of where your child attends college.
I'm expecting a baby. Can I open a GET account before my baby is born?
Yes, you can open an account during any annual enrollment period 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.
GET units make great baby shower gifts too!
I have a high school student. Does GET still make sense for them?
Most families who open GET accounts do so for younger children (e.g. grade school and younger). This is because the current GET unit purchase price is sometimes higher than the current unit payout value, so you may need to hold units for several years before the unit payout value exceeds the price you paid. Many families with children already in high school seek other options for their college savings, unless they plan to use GET for later years of college, or for graduate school. Learn more about the WA529 DreamAhead College Investment plan.
What are my options if I want to make regular monthly payments over time?
GET currently does not offer a contracted payment option. However, you may purchase Lump Sum units on a monthly basis. You buy units whenever you want. You can buy between up to 800 units per student. There is no monthly payment obligation and you don’t even have to buy whole units. You pay whatever the current price is whenever you purchase units. Please note: you must hold your units in your account for at least two calendar years before you can use them.
If you opened a Custom Monthly Account in a previous enrollment year, your Custom Monthly contract remains in effect, and you may still make changes to it. Your monthly payment remains the same throughout the term of your contract and includes a fixed 5.5% finance charge.
The 5.5% finance charge is based on the total cost of contracted units and is compounded annually over the life of the contract. Finance charges have been factored into Custom Monthly Plan payment amounts and are not reduced if the contract is paid off early. Total finance charges may be reduced by shortening the term length or reducing the number of units in the contract. To use your units, your plan must have been open for at least two calendar years and be paid in full.
How do I change ownership on my GET account?
You may change the Account Owner on your GET account by completing the Account Owner Change form (found on our GET forms page). The current Account Owner will designate a new Account Owner by returning the completed form to the address on the form with a notarized signature.
Buying GET Units
How is the GET unit price determined?
The WA529 Committee sets the unit purchase price with the input of an actuarial formula that takes into account estimated future tuition, projected inflation and investment returns, and administrative costs. It can also include a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition. The WA529 Committee sets the unit price annually, and may adjust it once annually, if needed, to ensure financial stability for the program. Visit GET Pricing, Payout and Fees page to learn more.
How do I make a payment to my GET account?
You have four options:
- Automatic withdrawal. Complete the paper Automatic Withdrawal Authorization form or complete the form online by accessing your account with your Login ID and Password.
- Payroll Direct Deposit. If your employer participates in GET Payroll Direct Deposit, complete a Payroll Direct Deposit 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. This option is also commonly used by giftors who want to make an online gift contribution to your account. US Bank charges a $1 transaction fee for this service.
- Mail a check/money order. If you prefer to send payments through the mail via paper check/money order you can make checks payable to GET, write your GET account number on the check, and mail to: GET Program, P.O. Box 84824, Seattle, WA 98124-6124. For existing Custom Monthly Plans, tell us if you want the payment to apply to your monthly payments or to purchase additional Lump Sum units. For Lump Sum unit purchases, the current unit price always applies. Payment coupons are available on the forms page to include with your payment.
As of June 30, 2022, the availability of new Custom Monthly Plans is suspended until further notice. Visit the 2022 GET Program Adjustments page for important details.
How many GET units should I buy?
You decide how many units to buy, from a minimum of one unit to a maximum of 800 units per child. You can even buy partial units in any amount. You can use up to 200 units each academic year. Any unused units from one year will automatically roll over to the next year.
The fact is that most college costs are covered by a combination of savings, part-time work, scholarships, loans and grants. It’s important to realize that whether you can afford 25 or 800 units, you are helping to make higher education dreams a reality for your child.
One hundred units will cover resident undergraduate tuition and state-mandated fees for a year at University of Washington or Washington State University. Fewer units may cover two years at a local community college. There are also other expenses to plan for, such as books, room and board, and supplies.
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. It's easy to add someone to your account as a giftor by inviting friends and family to create a personal giftor profile in GET's secure portal (new feature!) or by completing the Giftor Authorization form. You can complete this form by logging in to your GET account or by downloading the paper form from our Forms page.
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. Giftors can download a payment coupon to include with their payment on our forms page.
Visit our Give the Gift of GET webpage for more details.
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 website.
- Coverdell Education Savings account. If you transfer funds from a Coverdell Education Savings Account, you must complete Incoming Rollover/Transfer form.
- Another 529 plan. 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 "Federal Tax Information" section of the GET Program Details Booklet. We also encourage you to consult your tax advisor because these transactions may be taxable.
Can I buy GET units with funds from an existing UGMA or UTMA custodial account?
Funds invested in a Uniform Gift to Minors (UGMA) or Uniform Transfers to Minors (UTMA) account 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 by using the Custodian Authorization form (found in the Make Changes to Your Account section of our forms page).
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).
Can I supplement my savings in GET through other types of investments?
Yes, saving with GET is an excellent foundation for your children's or grandchildren's future college expenses because it's guaranteed. Remember that with GET, you can purchase a maximum of 800 units per student. Many families who fully fund a GET account for their child will continue to save in other ways to help with additional college expenses.
Can I contribute to more than one type of 529 plan?
Yes. Contributing to more than one type of 529 plan is an excellent way to ensure more college expenses will be covered. In addition to GET, Washington offers the DreamAhead College Investment Plan, which works differently than GET, as investments are subject to stock market performance. Most states also offer 529 college savings plans, and allow you to enroll even if you are not a resident of that state. See how Washington's College Savings Plans stack up against 529 plans from other states.
Using My GET Units
How do I access my GET account when my child is ready to begin college?
In the spring before your student will begin college, we'll provide you with 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 choose your payment option. It's easy to use your units by logging in to your GET account, selecting "My Account," and looking for the "Use Units" section. To have GET send a payment directly to the school, you will submit a "Direct Payment Request." If you want to pay the school yourself and have GET reimburse you for the expenses paid out-of-pocket, you will complete a "Reimbursement Request." You can also request to use your units by completing the paper forms found on our Forms page under "Use Your Units."
For more details on using your units, visit our Pay for School page.
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. When you buy a GET unit, you pay more than the current payout value, meaning it may take several years for your account to exceed the price you paid. Please note that, generally, the longer the units remain in your account, the more likely it is that the unit payout value will exceed your unit purchase price.
The State does not guarantee that you will make money. If in-state tuition decreases in the future, GET units may lose value. However, on May 11, 2022, the WA529 Committee decided to guarantee that all customers with active accounts as of that date receive the sum of their contributions, effectively guaranteeing that no customer will lose money by participating in GET.
Where can I use my GET units?
You can use your units for nearly any college, university or technical school - public or private - in the United States and selected institutions in other countries. In fact, GET has already helped students attend school in all 50 states and 15 countries worldwide. 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) website.
GET units can also be used to pay the costs associated with some apprenticeships. To find an apprenticeship or see if the one you’re interested in is accredited, visit Apprenticeship USA's search tool.
What will my GET 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.
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's financial aid office to determine its room and board allowance.
GET units can also be used to pay the costs associated with some apprenticeships. To find an apprenticeship or see if the one you’re interested in is accredited, visit Apprenticeship USA's search tool.
Do GET units expire?
Yes, GET units do expire. Students have up to 10 years after their selected benefit use year to begin using the units in their GET accounts. Once students begin using their units, they have an additional 10 years to finish using their units. A one-time 5-year extension is available upon request. If it appears that a student will not be able to use some or all of their units, there are options, including transferring the unused units to another family member, rolling the funds into a Roth IRA in the student’s name (restrictions apply), or requesting a refund. Be aware that refunds that are not used to pay for qualified higher education expenses are considered non-qualified withdrawals and any earnings may be subject to federal income tax and state and federal penalties.
How many GET units can I use each academic year?
You can use up to 200 eligible units per academic year and any unused units rolled over from previous years of eligibility. The academic year runs from August 1 - July 31.
What happens to my GET units if my child decides not to go to college?
You have five options:
- Wait to see if your student decides otherwise later on. Your student has up to 10 years from the Benefit Use Year listed on the account (typically the year he or she graduates high school) to begin using the funds.
- Transfer the funds to another family member with an existing account by completing a Transfer Request form (available on the Forms page). There is a lifetime maximum of 800 units per student.
- Change the student beneficiary to another family member by completing a Change of Student Beneficiary form (available on the Forms page).
- Roll your GET funds into a Roth IRA for the beneficiary. Some restrictions may apply. Review this article for guidance.
- Request a refund by completing a Refund/Cancellation Request form (available on the Forms page). This form must be notarized. Review our Refund and Cancellation policy to learn more.
How is the value of my GET account determined?
One GET unit equals one 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.
The payout value is $123.76 for the 2024-25 academic year through July 31, 2025.
Example 1: Your student attends a Washington public college in 2024-25.
Let's say that your student plans to attend The Evergreen State College and you have 100 eligible units. Total tuition and fees for one academic year at Evergreen equals fewer than 100 units. Consequently, after paying tuition and fees, you will have 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 in 2024-25.
Let's say that your student will attend the University of Idaho as a non-resident and you have 100 GET units to help cover the costs. For the 2024-2025 academic year, the payout value of one GET unit is $123.76 through July 31. Therefore, 100 units are worth $12,376 for the 2024-2025 academic year. 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.
Can I use my GET account for graduate school?
Yes. If tuition for graduate school is higher than resident undergraduate tuition at the most expensive Washington public university, you either pay the difference or use more units.
How will a GET account affect my child's eligibility for financial aid?
Typically, if a parent or dependent student is the Account Owner, the financial aid formula treats a GET account as a parental asset, which has a smaller impact on financial aid eligibility than an independent student's assets. Currently, only 5.64% of parental assets are considered for financial aid eligibility. The total value of all GET accounts owned by the parent or independent student, for which the student is listed as the beneficiary, must be reported on the FAFSA. Beginning with the 2024-25 award year, 529 accounts owned by someone other than the student or the student's parents, such as grandparents or other relatives or friends, do not need to be reported on the FAFSA form. You should consult your financial advisor or the financial aid office at your school to understand specifics related to your individual situation.
How can I transfer my GET units between family members?
You can only transfer units between qualifying family members' GET accounts (based on the IRS's definition of a family member). If both students have a GET account, you may simply transfer the units by completing a Transfer Request form. You can complete this form by logging in to your GET account, selecting "My Account" and looking for the "Transfer Request form" on the next screen; or you can download the paper Transfer Request form on our forms page.
If you want to transfer all the units, you may simply change the name of the Student Beneficiary on the account by completing a Student Beneficiary Change form (available on our forms page). This form requires the Account Owner’s notarized signature. Please mail original forms to GET Program, PO BOX 43450, Olympia, WA 98504-3450.
Note that a student may have multiple accounts but may have a total of no more than 800 units between all accounts in his or her name.
Will I be able to use my GET account to study abroad?
You can use GET directly to cover qualified higher education expenses (tuition, housing and food, etc.) at any of the schools in countries that are listed on the FAFSA website. There are many international schools listed; just choose “State,” then “Foreign Country” in the search menu to view the complete list. If tuition or other qualified higher education expenses for a study-abroad program will be paid directly to your university (for which GET is already approved), you can use GET as you normally would to cover them. The payment must go to an eligible institution of higher education. GET is unable to pay study abroad programs directly, or reimburse out-of-pocket expenses paid directly to these programs. Also, please note that travel to and from your destination is not considered a qualified higher education expense.
Can I use my GET account to pay for student loans?
On December 20, 2019, a federal spending bill called the Secure Act was signed containing provisions allowing 529 plan account owners to withdraw assets to pay principal and interest on certain qualified education loans for the beneficiary of your account or any of the beneficiary’s siblings. The loan repayment provisions apply to repayments up to $10,000 per individual. This $10,000 is a lifetime amount, not an annual limit.
Roth IRA Rollovers
Can I make a tax-free rollover from a 529 account to a Roth IRA?
Yes. The rollover must be to a Roth IRA account in the name of the 529 plan beneficiary, not the 529 account owner/participant. In addition, the 529 plan account must have been open for a minimum of 15 years prior to the rollover. It is our understanding that 529 plan accounts opened within 15 years of the potential rollover date will not qualify as a tax-free rollover. Learn more on our Secure 2.0 information page.
Important Note: A 529-to-Roth IRA rollover may have tax consequences. The 529 Plan Participant / Account Owner and 529 Plan Account Designated Beneficiary / Roth IRA Owner are solely responsible for complying with all relevant IRS Rules, including any Guidance released by the IRS in the future. You should speak with a qualified tax professional before making a 529-to-Roth IRA Rollover.
How much can I rollover from a 529 account to a Roth IRA tax-free?
Rollover amounts are subject to the annual contribution limits applicable to Roth IRAs. These limits are set by the IRS and may change annually. Any funds that are rolled over will decrease the amount you can contribute from other sources in that tax year. Consult a financial and/or tax advisor to make sure you are within annual limits. Additionally, it is our understanding that there is a lifetime limit per beneficiary of $35,000 for tax-free 529 to Roth IRA rollovers. Learn more on our Secure 2.0 information page.
Which funds can be rolled over into a Roth IRA tax-free?
It is our understanding that funds contributed to the 529 plan more than five years before the requested rollover date (and the earnings on those contributions) can be rolled over tax-free. Learn more on our Secure 2.0 information page.
Do existing IRA compensation requirements apply to the 529 beneficiary when making a 529-to-Roth IRA rollover?
The Beneficiary/Roth IRA owner is best suited to determine eligibility in consultation with their financial or tax advisor(s). Learn more on our Secure 2.0 information page.
How do any account changes such as account owner transfers, beneficiary changes, or rollovers between 529 plans made in the last 15 years impact eligibility?
This rule has yet to be confirmed by the IRS. You should speak with a qualified tax professional prior to making a 529-to-Roth IRA Rollover. Learn more on our Secure 2.0 information page.
Can I make a tax-free rollover from a 529 account to a Roth IRA for the prior year?
This rule has yet to be confirmed by the IRS – you should speak with a qualified tax professional prior to making such an election. Learn more on our Secure 2.0 information page.
Can I roll from my 529 account into my state-sponsored Auto-IRA?
The Beneficiary/Roth IRA owner is best suited to determine eligibility in consultation with their financial or tax advisor(s). Learn more on our Secure 2.0 information page.
How do I roll a 529 account into a Roth IRA?
The necessary forms for rolling your GET or DreamAhead account into a Roth IRA can be found on our Forms page. Learn more on our Secure 2.0 information page.
Can I take a distribution from my 529 account, cash the check, and then make a check payable to my Roth IRA Custodian?
No. It is our understanding that for the rollover to be tax-free, you must request a direct Trustee-to-Trustee transfer. That means you cannot take possession of the funds. You tell us who the IRA Custodian will be, and we’ll make the check payable to them. Learn more on our Secure 2.0 information page.
What if my state doesn’t conform to the federal rule for 529-to-Roth rollovers?
There are some states that have indicated that they are nonconforming, meaning they may have state-level restrictions different than, or in addition to the federal rules. You should speak with a qualified tax professional prior to making a 529-to-Roth IRA Rollover in a non-conforming state. Learn more on our Secure 2.0 information page.
Make Account Changes to a Custom Monthly Plan
How can I convert my GET account from a Custom Monthly Payment Plan to a Lump Sum Plan?
You can convert your existing Custom Monthly Payment Plan to a Lump Sum Plan by filling out an Account Change Request form (found on our forms page). Once you make this change you will no longer have the locked unit price. All prior payments received will be reposted at the purchase rate that was in effect when the payment was received. You may continue to make Lump Sum contributions, but they will purchase units at the current unit price when your payment is received. Lump Sum units must be held in the account for a minimum of two years before they are eligible for use.
It is important to reach out to the GET Contact Center at 800.955.2318 to discuss this option.
As of June 30, 2022, the availability of new Custom Monthly Plans is suspended until further notice. Visit the 2022 GET Program Adjustments page for important details.
How can I reduce the number of GET units in my Custom Monthly contract?
You can reduce your Custom Monthly contract in 50 unit increments by filling out an Account Change Request form (found on our forms page). Once you reduce the number of units in your contract you may not increase it back to your original amount. However, you can purchase additional units by making a Lump Sum payment. Please note that Lump Sum units will be purchased at the Unit Purchase Price in effect at the time we receive your payment.
It is important to reach out to the GET Contact Center at 800.955.2318 to discuss this option.
As of June 30, 2022, the availability of new Custom Monthly Plans is suspended until further notice. It may return at a later date or be replaced by a similar or restructured purchasing option. Visit the 2022 GET Program Adjustments page for important details.
How can I reduce the term length on my Custom Monthly contract GET account?
You can reduce the term length on your contract by filling out an Account Change Request form (found on our forms page). Please be advised that this will typically cause a balance owing to bring your account current and will change your required monthly payment amount. However, if this change is done while also reducing units it may pay your account in full.
It is important to reach out to our Contact Center to discuss this option.
How can I increase GET units on my Custom Monthly Plan contract?
If you have a Custom Monthly Plan that was opened during a previous enrollment period you have the option to purchase Lump Sum units to boost your account. Reach out to the GET Contact Center at 800.955.2318 to discuss your options.
As of June 30, 2022, the availability of new Custom Monthly Plans is suspended until further notice. Visit the 2022 GET Program Adjustments page for important details.
How can I increase the term length on my Custom Monthly contract?
You can increase the term length by filling out an Account Change Request form (found on our forms page). This is typically done if you originally set up your Custom Monthly account with a shorter term. Please be advised that this may cause your account to be paid ahead and will change your required monthly payment amount.
It is important to reach out to the GET Contact Center at 800.955.2318 to discuss this option.
Refunding a GET Account
How do I request a refund of my GET account?
If you choose to request a refund of your GET account(s), you must first review the GET Refund/Cancellation Policy, and then complete a GET Refund/Cancellation Request form for each account being refunded. Links to these documents can be found on the 'Forms' page:
Please note:
- Please carefully read all directions in the GET Refund/Cancellation Policy and Refund/Cancellation Request form. GET can accept original, fully completed, notarized refund forms. The form can be mailed or physically delivered to the GET office. GET can also accept a completed refund web form submitted via your online GET account (refunds cannot be requested over the phone). We do not accept copies or faxed or emailed Refund/Cancelation Request forms. Any errors in completing and submitting the refund form may significantly delay the process of completing your refund.
- The non-refundable enrollment fee and any previously incurred account fees, such as late payment fees and NSF charges, will not be included in final refund amounts.
- The earnings portion of any refund may still be subject to IRS taxes and penalties. For example, any increased value may be taxed as income and an additional 10% penalty may apply.
- If you take a refund, a 1099-Q tax form will be sent to you that shows the principal and earnings portions of your refund. You may be required to report this information to the IRS.
- To avoid a taxable event, you may deposit your refund into another 529 plan within 60 days of the date your refund is processed. To compare various 529 plans, go to www.collegesavings.org. Note that, per IRS regulations, 529 plan rollovers can only be performed once every 12 months.
- We strongly encourage you to consult IRS PUBLICATION 970 and a tax advisor about potential tax implications.
It may take up to 6 weeks to process your refund from the time that GET receives your request.
If I paid more for my GET units than the current payout value of my account, can I just get a refund for the difference between the price I paid and the current value?
If you paid more than the current payout value of your account, we are unable to simply give you the difference between the price you paid and the current payout value. If your account was active as of June 30, 2022 and you request a refund of your account, your account would be eligible for the Contribution Guarantee enacted by the WA529 Committee on May 11, 2022. The Committee determined that any payouts made to satisfy the Contribution Guarantee are to be made once all GET units have been distributed from an account. Under this Guarantee, you would get back at minimum, your contributions, minus any applicable GET penalties and fees. A refund would be processed based on the reason selected and GET penalties and fees may apply.
Visit the 2022 GET Program Adjustments page for important details.
How long will it take to receive a refund from my GET account?
We estimate that it will take up to 6 weeks for you to receive your refund, once we receive your Refund/Cancellation Request form (found on the forms page).
What if I have a GET Custom Monthly Plan where the unit price was less than the current payout value, but after paying financing charges, I effectively paid more than the current payout value?
It’s important to understand that even if your account value is currently less than the contributions you have made, it’s possible that by the time your student is ready to use the account to pay for education expenses, it may no longer be at a value less than you contributed. If your Custom Monthly Contract was active on June 30, 2022, your account is eligible for the Contribution Guarantee enacted by the WA529 Committee on May 11, 2022. The Committee determined that any payouts made to satisfy the Contribution Guarantee are to be made once all GET units have been distributed from an account. Reach out to the GET Contact Center to discuss options.
Visit the 2022 GET Program Adjustments page for important details.
I have a GET Custom Monthly Plan that is not paid in full. Can I request a refund?
Yes, however, you may need to make changes or adjust your Custom Monthly Contract before requesting a refund. Please call our Contact Center at 800-955-2318 to discuss the options available to you.
If I plan to request a refund of my GET Custom Monthly Plan that I am still making payments on, do I have to keep making my monthly payments?
If you wish to refund your Custom Monthly Plan, and it is not yet paid in full, we first recommend that you call our Contact Center at 800.955.2318. They can put your account on hold so you will not receive late payment charges while your refund is being processed.
Potential Tax Implications and Rollover Information for Refunds
Do I need to report my GET refund to the IRS? Will I be taxed?
This answer depends on your situation. If you have made money in your GET account, and request a refund, you will be issued a 1099-Q tax form the following January that shows the earnings and principal portions of your withdrawal. If you do not use your funds to cover qualified higher education expenses incurred in the same calendar year, your account earnings (not the full account balance) may be subject to a 10% IRS penalty and will be taxed as ordinary income. You may not be subject to these penalties if you rollover your funds into another qualified 529 plan within 60 days of the date that your refund is processed. Note that, per IRS regulations, 529 plan rollovers can only be performed once every 12 months.
If your refund is for contributions only, and does not include any gains, you will not receive a 1099-Q tax form and should not need to report your refund to the IRS. Please note, this means all amortization refunds will not receive a 1099-Q form.
Note that we always recommend consulting IRS Publication 970, a tax professional and/or financial adviser to fully understand any potential tax implications before requesting a refund of your account.
Can GET directly rollover my GET funds to another 529 plan?
Yes. You can initiate a direct rollover of your GET funds to another 529 plan only if you are fully refunding your account. To perform a direct rollover from GET to another 529 plan, including DreamAhead, you will first need to establish the new 529 account, then initiate the rollover to another 529 plan from your online account (found in the Using Units tab). If you prefer paper you can complete the Outgoing Rollover Request form (found on the Forms page). The Account Owner and Student Beneficiary must be the same for the GET account and the 529 account into which you are rolling your GET funds. You may not transfer funds from one beneficiary to another while a rollover is in progress. If you intend to transfer funds or change the beneficiary or Account Owner after the rollover, be sure you understand the other 529 plans' rules regarding this process prior to rolling over your GET funds.
You can also perform an indirect rollover by requesting a refund and re-depositing your funds into a qualified 529 plan within 60 days. Per IRS regulations, 529 plan rollovers can only be performed once every 12 months. Consult IRS Publication 970, which describes these rollover considerations. Consult IRS Publication 970, which describes these rollover considerations.
Note that we always recommend consulting IRS Publication 970, a tax professional and/or financial adviser to fully understand any potential tax implications before requesting a refund of your account.
How can I access a principal and earnings statement for my GET account?
Once your refund is processed, you can download a principal and earnings statement from your online GET account. To do this, click “More Info” under the “Use Units” section of the “My Account” dashboard. Once on the “Use Units” page, you will see a record of your refund request and a yellow button to generate a PDF of your principal and earnings statement.
Federal 529 Changes
Can I use a GET account for K-12 expenses?
Section 529 of the IRS code allows for tax-free distributions for tuition (up to $10,000 annually) at elementary and secondary public, private, and religious schools. Please note that GET is primarily designed to save for qualified higher education expenses at postsecondary schools. Please consult a tax advisor.
I got an email about the SECURE Act. What does it mean?
On December 20, 2019, the President signed the SECURE Act into law, as part of the Further Consolidated Appropriations Act, 2020 (Act). This bill pertains mostly to changes with retirement accounts, but it also includes new provisions that allow 529 Plan account owners to withdraw assets to pay for certain apprenticeship programs, and to pay principal and interest on qualified higher education loans for the beneficiary or any of the beneficiary’s siblings.
For a detailed explanation on how these provisions may affect how you can use your GET or DreamAhead account, visit here.
How can I request a reimbursement from my GET account?
WA529 can receive reimbursement requests electronically using our web submission form in the “Using Units” section of your online account, or by email to getinfo@wsac.wa.gov. Forms can be found online on our forms page.
Will I have to pay taxes on GET reimbursements for student loans or apprenticeships?
The SECURE Act states that the withdrawals described above will not be considered taxable distributions by the IRS. As always, we encourage account owners to consult a qualified tax advisor about these new developments and how they relate to their personal situation.
Can I request up to $10,000 to apply to student loans every year?
No. The SECURE Act allows a lifetime maximum of $10,000 to be reimbursed from 529 accounts to pay existing student loans. For example, if you claim $5,000 in student loan reimbursements from your 529 account in 2019, you have only $5,000 remaining for this purpose in subsequent years, until you reach the $10,000 lifetime maximum.
Can I get reimbursed for student loan payments that were made for another child or myself (the Account Owner)?
Yes, if the student beneficiary has a sibling you won’t have to make any changes to your account. You will just submit the reimbursement request as normal.
If you would like to use the GET account for your own student loan payments you will have to change the name of the student beneficiary to you. Once this change is processed you can submit a reimbursement request.
What kind of school loan can I get reimbursed for?
The SECURE Act states “amounts paid as principal or interest on any qualified student loan” are eligible for reimbursement from a 529 account. Please consult a tax advisor.
529 Myth:
Myth: You can only use GET units at in-state schools. FACT: You can use GET units virtually anywhere, even outside the U.S.
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