College savings plan starts open enrollment Nov. 1
Guaranteed Educational Tuition, Washington state’s college savings program, will open for enrollment on Nov. 1. It is a tax-free program, including withdrawls when used for tuition, housing and other qualified college expenses.
If a students ends up getting a scholarship to cover college expenses or decides not to go right after high school, the account owner can wait up to 10 years, transfer the funds to another family member or request a refund.
One hundred GET units are equal to one year of resident undergraduate tuition and state-mandated fees at the University of Washington or Washington State University, the state’s two most expensive public universities. Less expensive colleges require fewer units. More expensive private or out-of-state colleges require more units so families pay the difference.
The payout value of each unit is the same no matter where it is used. Families can buy from 1 to 500 units for each student. The current unit price is $172. The student or account owner must be a Washington resident at the time of enrollment in GET.
