What is a 529 plan?

A 529 is a college savings plan named for the section of the Internal Revenue Code (Section 529) allowing for tax-free growth and withdrawals when used for qualified higher education expenses. The state of Washington has two 529 plans, GET and WA529 Invest. Learn more.

What is GET?

GET is Washington State’s 529 prepaid education tuition program in which the value is guaranteed* by to Washington State law (RCW 28B.95) to keep pace with the cost of the most expensive public university in Washington. Review the GET Program Details Booklet.

What makes GET different?

GET is one of the few state 529 plans that are guaranteed by state law (RCW 28B.95.050), essentially future-proofing your investment. If you buy 100 GET units today, you’re guaranteed to have one year of resident tuition and state-mandated fees covered at a Washington public university now and into the future, no matter how much tuition changes. In addition, 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. 

*The State does not guarantee that you will make money. If in-state tuition decreases in the future, GET units may lose value.

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.

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 control over the account unless they are also the account owner.

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 (such as WA529 Invest) unless they plan to use GET for later years of college or graduate school.

Are GET units the same as college credits? 

No. Credits, or credit hours, at a college, university, or technical school represent education requirements and vary by school. GET units are specific to the Washington State GET program and have a dollar value based on tuition costs.

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. GET units can be used at nearly any college, university, or trade school in the United States and worldwide, or even for the costs associated with some apprenticeships.

See if your school is eligible

Search for eligible apprenticeships

How do I enroll in the GET Program?

Online: Click here to open an account online during the open enrollment period (November 1 - May 31). Follow the simple prompts and get started with as little as $25.

By mail: Click here to download an Enrollment Form that you can mail to the address on the form. Or request that one be mailed to you—which you can complete and mail back.

How often will I be contacted after enrollment?

GET is moving toward a paperless environment, and will email you the following:

• A welcome email 7-10 business days after enrollment
• Quarterly statement alerts
• Periodic account and program updates
• Instructions for using your GET units when eligible

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, and there are transfer options if plans change.

How is the GET unit price set? 

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. Relevant links: 

GET Program Details Booklet 
GET Unit Purchase Price Breakdown and Details
 

Why is the GET unit price sometimes higher than the payout value? Why do the values sometimes match?

In any given year, the GET unit purchase price can be different than the current payout value. It’s usually higher—because the state guarantees your GET account will keep pace with tuition in the future—but in recent years, the GET price and payout values have matched.

• The payout value depends on tuition rates set annually by the state public universities.
• The unit price is determined annually by the WA529 Committee in conjunction with the Office of the State Actuary. 

Contact us at (800) 955.2318 or GETInfo@wsac.wa.gov if you have questions about the price and payout value specific to your account. 

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. One hundred units will cover resident undergraduate tuition and state-mandated fees for a year at Washington’s highest-priced university.

Can I buy partial units?

Yes, you can even buy partial units in any amount.

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), so participants can rest assured their savings will be there when it’s time for post-high school education.

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.

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 the 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 encourage you to consult your tax advisor because these transactions may be taxable.

Acceptable Rollover Documentation Sample (1)

Acceptable Rollover Documentation Sample (2)

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).

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. If you have a Custom Monthly contract, it must be paid in full before your units are eligible for use. 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.

What can I use my GET units for?

GET units are designed to pay college tuition and fees, room and board, books, computers, and many other qualified higher education expenses. Review IRS Publication 970 for details. 

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.

How many GET units can I use each academic year? 

You can use up to 200 eligible units per academic year. Any unused units roll over to the next academic year. The academic year runs from August 1 to July 31.

How do I use my GET units?

When a student reaches their Benefit Use Year, you can request a distribution either by Direct Payment (GET sends money directly to the school) or Reimbursement (GET reimburses you for college expenses paid using your own funds).

Access the forms you need on our GET Forms page or review Pay for School with GET for more. We will also send information when your child is eligible to use the GET funds.

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 educational institutions in other countries.

A school 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.

Can GET be used at private colleges or out-of-state universities? 

Yes. Check whether your school is eligible here: Federal School Code Search tool. 

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.

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.

Can I use my GET account to pay for student loans?

By Federal law, 529 plan account owners may 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.

Why Saving is better than borrowing.

What happens to my GET units if my student chooses not to go to college?

You have several options:

• Wait up to 10 years to see if your child’s plans change
• Transfer the account to another family member
• Roll unused funds into a Roth IRA for the beneficiary
• Request a refund (taxes and penalties may apply)

What happens to my GET units if my student gets a scholarship?

You have several options:

• Use your GET units to pay for expenses not covered by the scholarship
• Transfer the account to another family member
• Roll unused funds into a Roth IRA for the original beneficiary
• Wait up to 10 years to see if your student wants to apply funds toward graduate school
• Request a refund (taxes and penalties may apply)

What are my options if I can't make my monthly payments on my Custom Monthly plan?

You have several options:

• Convert to a Lump Sum plan and end your monthly payments
• Reduce the total number of units in your contract to lower your payment
• Increase the number of years in your contract to lower your payment
• Close the account and request a refund (taxes and penalties may apply)

What if I want to make regular monthly payments over time?

GET currently does not offer a contracted monthly payment option. However, you may purchase Lump Sum units and set up automatic contributions from your financial institution using ACH or your financial institution’s bill pay service.

What if I opened a Custom Monthly Plan in a previous enrollment period?

If you opened a Custom Monthly Plan in a previous enrollment year, your contract remains in effect. If you wish to make changes, you may:

• Convert to a Lump Sum plan and end your monthly payments
• Reduce the total number of units in your contract to lower your payment
• Increase the number of years in your contract to lower your payment

You do not have the option to add units to an existing Custom Monthly Plan.

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.

How do I change ownership on my GET account?

Complete the Account Owner Change form to designate a new Account Owner. Return the completed form to the address on the form with a notarized signature.

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 or career training.

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. Consult studentaid.gov or a financial or tax advisor to estimate your impact, if any.

How will a GET account affect my tax situation?

This answer depends on your situation. If you have made money in your GET account (the payout amount is higher than the sum of your total contributions), 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 per account every 12 months.

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 I rollover my GET funds directly to another 529 plan or Roth IRA?

Yes. Your rollover options, which are covered in greater detail on our 529 plan rollovers page include:

1. Direct rollover of your GET funds to another 529 plan (only if you are fully refunding your account)
2. Tax-free and penalty-free rollovers from your 529 plan into a Roth IRA
3. Indirect rollover by requesting a refund and re-depositing your funds into a qualified 529 plan within 60 days

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 that more college expenses will be covered. In addition to GET, Washington offers the WA529 Invest 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.

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:

• We do not accept copied, 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.

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? 

As a result of actions taken by the WA529 Committee in 2022 and 2023, all active GET accounts as of June 30, 2022 are guaranteed to receive a total account payout value that is no less than the total of all account contributions, including Custom Monthly Plan finance charges and payment processing fees. The Committee clarified that this determination and any resulting payment (if applicable) are to be made once all GET units have been distributed from an account. Visit the 2022 GET Program Adjustments page for important details.

How long will it take to receive a refund from my GET account?

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).

I have questions about my Custom Monthly Plan

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.

If you have an existing Custom Monthly Plan, you can make changes to your contract or units by accessing relevant forms. 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.