The 2022-23 GET Unit Price was $116.63.
The 2022-23 GET Unit Purchase Price was $116.63, which matched the 2022-23 GET Unit Payout Value. This was the second consecutive year in which the price and payout value match.
How is the GET unit purchase price set?
The WA529 Committee (GET's governing 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 also includes a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition. The Committee sets the unit price annually, and may adjust it once annually, if needed, to ensure financial stability for the program.
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 can be confident in what they have purchased in advance, without worrying about what happens with financial markets or in-state tuition costs in the future.
How is the purchase price different than the payout value?
While this year's unit purchase price happens to match this year's payout value, this was coincidental and due primarily to changes in assumptions about future tuition growth. These two figures are calculated separately and have historically been different amounts.
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.
In any given year, the unit purchase price can be different (usually 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. State law requires that the WA529 Committee work very closely with the Office of the State Actuary to assess the program's health, set assumptions about future tuition growth, and determine a fair price to charge for a unit. This price must balance affordability with managing the risk that the program won't be able to meet its future obligations.
Have questions? Give our WA529 Contact Center a call at 800.955.2318, or email us at firstname.lastname@example.org.