State Treasurer Helps Lower Washington State Educational Costs
State Treasurer Mike Pellicciotti Leads Successful Effort to Lower Washington State Educational Costs:
Parents’ ability to pay for their kids’ future educational costs just got a bit easier. Due in part to successful state investments this past year, State Treasurer Mike Pellicciotti successfully led an effort today to lower the price of GET units. Pellicciotti’s motion to lower the unit price from $122 to $114.01 passed unanimously at the Guaranteed Education Tuition (GET) Committee meeting. More Washingtonians will now be able to better save for future college and other educational expenses. Those who purchased lump-sum units over the past two years at the higher price will receive extra credits as if the price was set at $114.01 two years ago.
“Future educational expenses weigh heavily on working families, and today’s immediate lowering of these costs for those investing in their kids through the GET program means the everyday burdens on working families just got a bit lighter,” said Pellicciotti.
The GET program is Washington’s 529 prepaid tuition program that helps families save for future higher education expenses by allowing participants to purchase guaranteed units that will keep pace with the cost of college tuition, no matter how much tuition increases in the future. Educational expenses can be applied to a child’s future technical training, college, or other education-related costs.
In addition to the unit price reduction, the Treasurer also moved to retroactively adjust the pricing for lump-sum units purchased during the 2019-2020 and 2020-2021 GET Enrollment Periods to match the new lowered price, meaning those currently in the program will get extra credits for their past purchases
In light of the exceptionally well-funded status of the GET program, Pellicciotti made the point that moving to today’s lower rate is going to give those working hard to save for the future a much needed break. Last legislative session, Senator Mark Mullet (D-Issaquah) and Representative Steve Bergquist (D-Renton) authored legislation to authorize the GET Program Committee to make greater price adjustments to the program.
“It’s a good day in the office when smart state investing results in money back in the pockets of working families and more opportunities for working families to invest in their kids’ future college, trades, or technical training,” said Pellicciotti.
Washington’s GET Program opened in 1998, and has had more than 57,000 students use over $1.2 billion in GET benefits to help pay for qualified higher education expenses. Learn more about Washington’s 529 college savings plans on the WA529 website and visit the Office of the State Treasurer’s college savings webpage.