GET Scholarship Accounts
Scholarships are an important means of providing financial support to future college students. The GET Master Scholarship program makes it easy for Washington-based 501(c)(3) non-profit and government organizations to set up college scholarship accounts. The information below will help guide you through the process.
Open a Master Scholarship Account
To establish a Master Scholarship Account, you will need to download and complete the Master Scholarship Account Set-Up form (found on our forms page). You will be asked to name an Authorized Representative who will be responsible for managing the account on behalf of your organization. Once established, your account details can be accessed online by this designated Authorized Representative. This individual can be changed in the future if necessary (see Manage Your Master Scholarship Account section below).
Before opening the account, be sure to review the Master Scholarship Policy (found on our forms page). You do not need to name any student beneficiaries at the time you open your account; students will be named as scholarships are awarded.
Number and Size of the Accounts
Your organization can open any number of Master Scholarship Accounts subject to the approval of the GET Director. Each account can have up to 5,000 units (learn how GET units work).
Add Funds to Your Master Scholarship Account
For an initial payment, you can send a check with your completed Master Scholarship Account Set-Up Form (found on our forms page). At any time after your account is established you make additional payments by setting-up automatic bank withdrawals (ACH), or by mailing us a check along with a payment coupon (coupons will be provided to the Authorized Representative named on the account).
Award Scholarships to Students
When it comes time to award scholarships to your selected students, simply fill out the Master Scholarship Transfer form (found on our forms page) to transfer funds from the Master Scholarship Account to an account for the individual student. This form needs to be completed at least four months prior to the date that the selected student begins using the GET units. Your organization can award up to 800 units to each scholarship recipient. If a selected student is named as the beneficiary on other GET accounts, his or her total lifetime maximum is 800 units between all GET accounts he or she is named on. Be aware that each unit must be held in the Master Scholarship Account for a minimum of two years before being awarded to students.
Manage Your Master Scholarship Account
The Authorized Representative named on your account will have full control over managing your Master Scholarship Account, and allocating funds when scholarships are awarded. When scholarships are awarded, your organization remains the account owner, and has control of the funds distributed to the student, unless you choose to transfer ownership to the student or the student's parent or guardian. If your organization remains the owner, any units not used by the student are transferred back to the Master Scholarship Account. If your organization transfers ownership to the student or student's parent or guardian, you relinquish all control over the funds, including how the funds are used.
If you need to change the Authorized Representative on your account, GET must receive a request on company letterhead with the signature of the Authorized Representative on file with GET. In instances where the current Authorized Representative is no longer available to sign, the request may be signed by a company officer, as listed in your annual report to the Secretary of State.
Account Fees
Your organization pays a $100 non-refundable enrollment fee for each account, and a $25 transfer fee when it names a scholarship recipient or transfers funds. There are no other on-going account maintenance fees.