information from Washington College Savings Plans
Washington State’s Guaranteed Education Tuition (GET) program opens Monday, November 1 for a new enrollment period, providing families a fresh opportunity to start saving for future college costs while their children are young. The 2021-2022 enrollment period runs through May 31, 2022, with a unit purchase price of $114.01.
This year’s unit price is the lowest since the 2018-19 enrollment year, and the first time in GET's history that the unit price matches the current payout value, which is based on the cost of tuition and state-mandated fees at Washington’s highest-priced public university (currently UW Tacoma, $11,401).
“Historically it has taken multiple years for the payout value of GET units to catch up with their original purchase price,” says Washington College Savings Plans director, Luke Minor. “This year, for the first time ever, savers have the opportunity to literally buy future tuition at today’s price – creating a unique opportunity for Washington families, even if they get a late start on saving for education.”
As a 529 prepaid tuition program, the state of Washington guarantees that a family’s GET savings will keep pace with in-state college tuition and state-mandated fees. While GET account values are based on Washington tuition rates, students have the freedom to follow their ambitions wherever they choose. GET and other 529 plans can be used at nearly any public or private university, community college, or technical school in the country, as well as apprenticeship programs and certain student loan repayments.
The GET program opened in 1998, and since then has distributed over $1.3 billion to more than 60,000 students who have used their GET accounts to attend college in all 50 states and 15 countries worldwide. It is one of two college savings options offered by Washington College Savings Plans (WA529). In addition to GET, WA529 also offers DreamAhead, an investment-based 529 plan. Launched in 2018, DreamAhead has already received national recognition and high marks from investment research firm Morningstar, Inc. For the second consecutive year, Morningstar awarded DreamAhead a Bronze medal, pointing out its competitive fees and a solid investment lineup as strengths.
WA529’s website (wastate529.wa.gov) offers details, charts, planning tools and answers for questions that families may have about the programs. Washington residents who want to help a student save for future education costs can open a GET or DreamAhead account online with no enrollment fee. The GET contact center staff is ready to help at 800-955-2318 or GETInfo@wsac.wa.gov. For questions about DreamAhead, the DreamAhead contact center can be reached at 844-529-5845.
