The Custom Monthly Plan was initially designed when annual tuition growth exceeded 7%. However, in 2015, the College Affordability Program reduced tuition at Washington’s public colleges and limited future increases. 

This resulted in account contributions exceeding current payout values for some Custom Monthly Plan holders, especially those who started contracts between 2011 and 2014.

To alleviate concerns, the WA529 Committee introduced the Contribution Guarantee. If your GET account was active as of June 30, 2022, you’re guaranteed to receive a total payout value no less than the sum of all contributions to the account, including Custom Monthly Plan finance charges and payment processing fees. This safeguard ensures you won’t lose money by participating in the program. Payout adjustments, if necessary, will occur once all GET units are used from your account.

The WA529 Committee suspended new Custom Monthly Payment Plans until further notice. This pause was made to protect existing account holders and ensure that GET’s purchasing options provide meaningful value. 

If you currently have a Custom Monthly Payment Plan, rest assured that your contract remains active and unchanged despite the WA529 Committee’s suspension of new Custom Monthly Payment Plans.

It’s essential to continue making monthly payments as outlined in your agreement. Missing payments may result in changes to your plan or forfeiture of benefits, so we recommend setting up reminders or automatic payments to avoid disruptions.

If you’d like to switch or cancel your Custom Monthly Payment Plan, you can:

• Convert your plan to Lump Sum: If your plan is not paid in full, you can switch to Lump Sum payments. Fill out an Account Change Request form, and any prior payments will be recalculated at the purchase rate in effect when received.
• Cancel your contract: You may cancel your Custom Monthly Payment Plan and convert it to Lump Sum contributions. Be aware that penalties and fees may apply when canceling the entire account.