Washington Guaranteed Education Tuition: The Flexibility Factors of GET

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washington state college planWashington’s Guaranteed Education Tuition (GET) Program has so many strong attributes including that it is guaranteed, reduces the need for future student loans, and offers a lower price now for future more expensive tuition.

Just as important is how flexible and easy GET is to use. GET is a college savings plan with the goal of making postsecondary education affordable and achievable for Washington residents wherever, whenever and however they decide to pursue this education. Your GET account remains viable even if you are awarded a scholarship, postpone college or combine it with financial aid.

If a student receives a scholarship, the funds can be used toward other higher education expenses that the scholarship may not cover such as room and board, books and supplies.

GET is not a “use-it-or-lose-it” program. Funds in the account can be held for up to ten years.  For example, if a student decides not to attend college immediately upon high school graduation then the units can be accessed up to a decade later. If the student ends up not needing the GET funds, they can be transferred to a family member or even refunded.

Another concern to be alleviated is that GET will not have a significant impact on financial aid eligibility. Fortunately, savings in 529 plans including GET, typically do not have much bearing on financial aid eligibility. As long as the parent is classified as the “Account Owner,” the GET account is considered a parental asset and is factored as a relatively small portion of the financial aid formula.

For more information on the GET program or how to enroll go to the GET website, call 800-955-2318 or email GETInfo@wsac.wa.gov.

Enrollment is open through May 31.

 

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