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GET Master Scholarship Policy

Scholarship Policy Guidelines

What is a GET Master Scholarship Account (MSA)?


A GET Master Scholarship Account is an account established by a State or local government unit (entity or agency) or a non-profit organization exempt from federal income tax under Section 501(c)(3) of the code, that is registered or licensed to operate in the State of Washington. The purpose of the MSA is for an organization serving a variety of communities to purchase GET tuition units for the purpose of awarding funds as a Traditional Scholarship Program (TSP) or a Children’s Savings Account (CSA) program (also known as a Child Development Account program).  

The GET Program Details Booklet and GET Master Agreement contain important information you should review before establishing an MSA. Please read it carefully and save it for future reference. Some capitalized terms and definitions referred to in this policy may be defined in the GET Master Agreement.

Opening a GET MSA
 

  • Organizations can open an MSA by completing the online MSA enrollment process or a paper MSA Enrollment Form. There are no limits to the number of MSAs an Organization can have; however, each MSA is subject to approval by the WA529 Director and to all policies and procedures as outlined in the GET Master Agreement.
  • Scholarship Recipients (students) do not have to be named until a scholarship award is created for a student.
  • MSAs do not have enrollment fees or transfer fees. However, a non-sufficient funds (NSF) fee may be assessed if a payment is not honored by the financial institution from which the funds were drawn.
  • Refunds requested by an Organization and by Account Owners of accounts established for students receiving scholarship funds are subject to GET's Refund and Cancellation Policy.
  • An Authorized Representative from an Organization will be listed on each MSA. The Authorized Representative is the individual authorized to act on behalf of the Organization/entity. The Authorized Representative may designate administrator roles for specific functions in their online account portal.
  • Organizations may designate individuals as Information Release Persons. The Information Release Person receives verbal information about the MSA.
     

Purchasing GET Units for the MSA
 

  • Initial unit purchase: An Organization can purchase GET tuition units in one lump sum by check, cashier’s check, or money order when completing the MSA Enrollment Form, at the unit price in effect at the time of the purchase of those units.
  • Subsequent unit purchases: Payments for GET tuition units can be made at any time by check, cashier’s check, or money order or the MSA Authorized Representative can establish a one-time or reoccurring automatic bank transfer. To initiate an automatic bank transfer, the Authorized Representative should call the GET Contact Center for instructions on setting up online access after the MSA is established. Payments made to an MSA account between July and September of each year will be held until that enrollment year’s tuition unit purchase price is set by the WA529 Committee.
  • Undistributed units remaining in the MSA are not subject to the program’s general expiration process outlined in the GET Master Agreement. Awarded funds transferred to an individual GET account owned by the student or parent will become subject to the unit expiration process.

Award GET Units from an MSA:
 

Students can redeem up to 800 units. If a student is a beneficiary of another GET Account, the aggregate of the accounts cannot exceed 800 GET units.

All GET units must be purchased at least two calendar years prior to use or distribution of the funds. 

Once a student is identified to receive a scholarship from the MSA, the MSA’s Authorized Representative can award a scholarship as one of four MSA Award Types (below).

WA529 MSA Award Types Chart

Once the Organization identifies a student or students to receive a scholarship from the MSA, the Authorized Representative or their designee can award a scholarship from one of four award types.

Managed Award


The Organization retains control of the funds throughout the life of the award. Funds can be earmarked for individual students but remain within the MSA until the final distribution for the student.

  • The awarded funds are only distributed when the student needs to pay for qualified expenses, meets the MSA organization’s eligibility requirements, requests the funds, and the MSA organization approves the distribution.
  • The award amount and the available date(s) can be adjusted or changed by the MSA Authorized Representative.
  • The MSA can designate a specific time and method when the student can officially request their awarded funds.
  • The MSA’s Authorized Representative determines if the Organization will review and approve each distribution request that a student makes or if, following the initial distribution, any future requests by the student are automatically approved.


 

Transfer Award
 

An Organization wants to award funds to the student via an ownership transfer immediately. The Organization has no control of funds awarded and accepted by a student.

  • This option is used when an Organization wants to designate an award and they want the student and/or their family to have full decision-making authority for how the funds are used. GET units must be purchased and remain in the GET Account two years before they can be awarded.
  • Funds are transferred to a new or existing GET account owned by the student or their parent or guardian.
  • Student options for accepting the award:
    1. Request the scholarship award be transferred to an existing GET account of the student.
    2. Create a new GET account for the scholarship award to be transferred to. The new GET Account Owner can be the student, parent, or guardian.
    3. Once funds are transferred to the recipient’s accounts, the MSA organization releases all ownership rights to the funds.
Future Transfer Award


An Organization wants to award funds to the student by an ownership transfer at a future date. The Organization has full control of the funds until the future transfer date and funds are awarded to and accepted by a student.

  • This option is most frequently used when an Organization wants to designate an award of funds from purchased GET units that have not met the two-year hold requirement, or if an Organization wants to retain control of the funds until a future date when student is expected to enroll in an institution of higher education.
  • When this award is made, the student will be able to see the funds awarded to them, but funds will not be available to the student until the future date indicated by the Authorized Representative when the award is made.
  • Once the future date arrives, the remainder of this award type follows the same acceptance parameters as the immediate transfer award.
Reimbursement Award
 

An Organization retains control of the funds throughout the life of the award. The MSA receives a reimbursement check for qualified expenses paid out of pocket for a student.

  • The Organization pays for qualified educational expenses out-of-pocket for the awarded student. The GET Program will reimburse the Organization for the expenses when the Authorized Representative makes a request.
  • The Authorized Representative completes a GET Reimbursement Form or submits the request in the scholarship portal. Once the form is processed, the award is complete, and a state-issued warrant (check) is made directly to the Organization.
  • The Scholarship Entity maintains records for all funds distributed by a reimbursement in case of future audits by the IRS.
     
     

Refunds
 

Refunds from the MSA may be subject to federal income tax on the earnings portion of the refund and the GET Refund and Cancellation Policy.

Review the GET Refund and Cancellation Policy for details. Non-qualified refunds may also be subject to the Distribution Tax and any applicable state tax.

Other Legal Entities
 

Other legal entities that are not a State or local government unit (entity or agency) or a non-profit Organization exempt from federal income tax under Section 501(c)(3) of the code, may not participate in the MSA program. However, such entities can opt to sponsor a student with a scholarship through GET by opening a traditional GET account and naming the entity as the GET Account Owner. A student Beneficiary must be named at the time the account is established. It is the responsibility of an entity to understand all tax implications of any scholarships they may consider establishing for a student. 
 

For More Information
 

Associate Director for Community Engagement 
WA529Outreach@wsac.wa.gov  
(360) 485-1198 

GET Contact Center
GETInfo@wsac.wa.gov
(800) 955-2318