Pay for School with GET
The last date to submit direct payment requests to colleges from your GET account for calendar year 2020 was Friday, December 18.
Is it almost time to start paying for college expenses? Requesting account distributions is easy to do by logging in to your online GET account.
- The current GET Payout Value is $111.03 per unit through July 31, 2021.
- Students may use up to 200 units per academic year (plus any rollover from a prior year).
- Remember that GET does not guarantee that the unit payout value will exceed the unit purchase price at the time you use your units. We encourage you to review the status of your account before paying for school with your GET units.
First, Ask Yourself These Two Questions:
- Are my GET units eligible for use?
Units become available for use on August 1 of the benefit use year listed on your account. The benefit use year is the year you anticipate your student will start college (typically the same year he or she graduates high school). Students are eligible to use up to 200 units per academic year plus any rollover units from the prior year.
- Is my student enrolled in an eligible institution of higher education?
Remember that GET can be used to cover a variety of qualified higher education expenses at eligible institutions of higher education, including most accredited public and private universities and colleges, community and technical colleges and eligible apprenticeship programs. To see if your student’s school is an eligible institution, we encourage you to check out FAFSA’s school search page (they use the same criteria that we do). To look for registered apprenticeship programs, The Department of Labor provides a search tool.
If You Answered "Yes" to Both Questions:
Follow the steps below to request an account distribution to pay for college expenses.
- Log in to your online GET account
- Select the account you want to request a distribution for and look for the “Use Units" section on the next screen.
- Review your available unit balance and click “Use Units” to start the process.
- Follow the easy steps to tell us where your student is attending college, how much money you are requesting, and where we should send the money:
- It’s easy for us to pay your student’s school directly by requesting a direct payment.
- If you have already paid for the expenses, you can request a reimbursement to the GET account owner. Be aware that if you request reimbursement for expenses incurred in a year prior to the current calendar year, your reimbursement may be considered a non-qualified withdrawal and the earnings portion may be subject to income tax and a 10% federal tax penalty.
- You’re all done! Just allow up to two weeks for us to process the payment.
If You Prefer Paper
You can also request account distributions by downloading and mailing paper forms.
Notes About Using GET Units
Whenever you withdraw funds, WA529 will send you a 1099-Q tax form the following January. For more details, read these Frequently Asked Questions about the 1099-Q form
GET units can be used to repay up to $10,000 on existing student loans, for more details about the Secure Act click here.
Your GET account may have an impact on financial aid eligibility. However, 529 plans such as GET are typically considered parental assets (as long as the parent is the account owner), and often have minimal impact on financial aid eligibility. Contact your student’s school to learn more about the impact and how to report GET on the FAFSA.
Pay for School with DreamAhead
You can have payments directly made out to any eligible educational institution to pay a bill or tuition online, or by using our Withdrawal form.
Money from your DreamAhead account can also be used to pay for room and board during the academic period the beneficiary is enrolled at an eligible educational institution (postsecondary schools only). Keep in mind that the amount must be within the allowed Cost of Attendance (COA).
Books, computers, tablets and other study tools may also be deemed qualified expenses and eligible for reimbursement.
K-12 costs, international schools, apprenticeships and even existing student loan payments all may be considered qualified expenses. For more detail, please consult our DreamAhead FAQ page.
Whenever you withdraw funds, WA529 will send you a 1099-Q tax form the following January. For more details, read these Frequently Asked Questions about the 1099-Q form.