WA529 GET College Savings Plan Gets More Affordable
At this week’s special WA529 Committee meeting, Washington State Treasurer Mike Pellicciotti supported lowering the 2020-2021 Washington State GET unit price from $133 to $122. The WA529 GET program provides families with the opportunity to purchase prepaid college tuition credits and save for future higher education expenses. Participants in the program will get the same amount of tuition credit for $11 less per unit. The lower price per unit was based on the legislature’s passage of SB 5430 earlier this year.
SB 5430, sponsored by Senator Mark Mullet (D-Issaquah), places a limit on the GET unit purchase price set yearly by the WA529 Committee. Based on current state tuition policy set by the legislature in 2015, this limitation sets a cap for the purchase price at no more than 10% above current tuition rates while maintaining adequate funding for the program. The legislation directed the WA529 Committee to readjust the unit price retroactively for 2020-2021. Customers who purchased units at the 2020-2021 rate will see a price adjustment resulting in an increase in total units in their accounts.
Treasurer Pellicciotti, who brought the motion at the committee meeting Monday for the reduced monthly unit rate said, “Lowering this rate better connects the GET unit price to state tuition growth and is a boost for working families who have tight monthly budgets but who remain focused on investing in their child’s educational future.”
“I would like to thank Senator Mullet and Rep. Steve Bergquist for watching out for the participants of the WA529 GET program,” said Pellicciotti. Rep. Bergquist (D-Renton) introduced the companion bill in the House of Representatives.
For more about the state’s college savings plans, please visit www.wastate529.wa.gov.