Washington Student Achievement Council announcement.
Washington’s popular Guaranteed Education Tuition (GET) program opens Tuesday, November 1 for a new enrollment period, providing families a fresh opportunity to start saving for future college and career training costs while their children are young. The 2022-2023 enrollment period runs through May 31, 2023 and provides a unique opportunity to prepay future tuition costs by locking in today’s rates. The unit purchase price for the new enrollment period is $116.63.
GET is a 529 prepaid tuition program, carrying a state-backed guarantee that units purchased today will always keep pace with in-state college tuition costs. “This year, savers can literally buy tomorrow’s education at today’s price, whether they plan to use those funds five, 10, or even 18 years from now,” says Washington College Savings Plans director, Luke Minor.
Savings in GET grow tax-free and are not subject to the ups and downs of financial markets, so families can save with confidence. “The current economic environment is an important reminder of the unique value that GET can provide a family looking for peace of mind as they prepare for their student’s educational future,” says Minor.
While GET account values are based on Washington tuition rates, students have the freedom to follow their ambitions wherever they choose. GET can be used at nearly any public or private university, community college, or technical school in the country, and even for apprenticeship programs and student loan repayments. Funds are flexible and can be used for a variety of expenses beyond tuition and fees, such as room and board (including rent and groceries for students living off-campus), books, computers, and supplies.
The GET program opened in 1998 and has distributed over $1.4 billion to more than 60,000 students using their GET accounts to attend college in all 50 states and 15 countries. 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. In 2020 and 2021, Morningstar awarded DreamAhead a Bronze medal, pointing out its competitive fees and a solid investment lineup as strengths.
WA529’s website (529.wa.gov) offers details, charts, planning tools, and answers to 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.