Since 1992, Washington’s Guaranteed Education Tuition (GET) program has sold future college credits at prevailing tuition rates with the promise that the GET credits would hold their value until a child is ready to go to college. GET has given savvy parents a more affordable way to pay for tuition for their children’s college tuition well in advance of their freshman year. However, the state’s recent decision to cut tuition by 5 to 20 percent at state institutions has thrown a wrench in the program, and parents who thought they were securing their children’s future are now seeing the value of their units fall.
“Account-holders who purchased GET units at that price, and plan to use their units in the next 6 to 8 years, may never recover all of their initial purchase price, GET staffers say.”
On Tuesday, the Committee for Advanced Tuition Payment, more often referred to as the GET Committee , voted to refund account-holders $20 per unit, freeze the value of GET units at $117 for the next two years, and stop lump-sum sales until 2017. Although the committee did consider giving account-holders the opportunity to withdraw all of their money without penalty, ultimately they decided to delay a final decision until more is known about the state budget, given the state Supreme Court’s recent decision to fine lawmakers $100,000 a day until K-12 education is adequately funded, per its earlier McCleary decision.
The committee’s next meeting is September 1.
Via Katherine Long, Seattle Times. Read more.