The Washington Guaranteed Education Trust (GET) is a prepaid college tuition plan that is guaranteed to keep pace with the cost of college tuition. The GET account is measured and purchased in units, where 100 units equals the cost of one year of resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university. It can be used nationwide, and those who sign up for GET can purchase current units at a premium, to lock in the guarantee. GET units today cost $113, and their current value is $104. (more…)
While all 50 states offer some type of 529 plan, only 18 states offer the prepaid tuition variety. Some of these prepaid tuition plans are now closed to new enrollment, but Washington’s Guaranteed Education Tuition (GET) plan is still available to Washington residents (and WA residents only). It is only one of five prepaid tuition plans in the country that is guaranteed by the full faith and credit of the state. The GET was created in 1998 and is Washington’s only 529 plan.
How GET works
In a nutshell, account owners can purchase up to a maximum of 500 GET “units” at a specified price and redeem those units for college expenses in the future. 100 units represent the cost of one year of resident, undergraduate tuition and state-mandated fees at Washington’s most expensive public university (either the University of Washington or Washington State University). Individual units are worth 1/100th of that cost. For the 2011-2012 academic year, GET units paid out at a rate of $102.23 per unit. Account owners can use up to 125 units per year, plus any rollover units from a prior year, to pay the cost of qualified education expenses.