GET is an IRS 529 Qualified Tuition Program that allows you to prepay for a student's college tuition today. It is guaranteed by the state for tuition payment in the future even if state university tuition charges increase and may be used at nearly any public or private college in the U.S.
Washington guarantees that 100 GET units will cover one year of full-time, undergraduate, resident tuition and state mandated fees at the most expensive state public university. You may buy from 1 to 500 units for college tuition payments. Students may use 125 GET units in a year plus any unused units from a prior year.
SFS and Account Holder Responsibilities
Student Fiscal Services (SFS) manages and disburses GET funds for students enrolled at the University of Washington. Before SFS can disburse GET funds to pay tuition or housing charges,the GET account owner needs to fill out and submit the Direct Payment Request form online. After the GET program has approved the disbursement request, SFS will apply the funds to the student’s account to pay tuition, fees or housing charges.
Distributions from Qualified Tuition Programs (QTPs) may be tax free per IRS regulation. You may not have to include in income a distribution from a QTP that is established and maintained by an eligible educational institution. No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary’s adjusted qualified education expenses. For more information related to the Qualified Tuition Program, see IRS publication 970.
If you have questions regarding your GET account, please contact the GET program:
360-753-7803 (Olympia, Washington area)