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Did you open a GET account for DC?

sdgirl6/7/06sdgirl6/7/06
in Washington Babies
I've been looking into this for Nathan. I'm going to call for more info, but does anyone know if having a GET can make it more difficult to qualify for scholarships?
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Re: Did you open a GET account for DC?

  • Seattle_JiLLnSeattle_JiLLn

    It shouldn't have anything to do with getting scholarships.  But having savings will change your "need based" student loans or financial aid.  But that's not a reason not to save IMO.

    We did a 529 plan.  I'm not a fan of the GET plan.  I don't like the weird exchange rates for credits at UW vs. credits at other schools.  It seems like it can really leave you in a lurch if your kid wants to go somewhere else.   Also, if this economy picks up and the investments actually make more money, the state keeps the profit, not you.  In a 529 plan, it's more like an IRA or a money market account where you keep the profits.   You can also pass the 529 plan on to other family members - I'm not sure what the story is with teh GET plans for that.  Like if your child ends up not going to college, or gets a full scholarship to college and you don't need the money.

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  • stacylustacylu
    We also did a 529 plan for the same reasons as Jill.
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  • MelodyFergMelodyFerg

    We did the GET program for DS for a few reasons.  I work at the UW and I spoke with our Fin. Aid counselors and any sort of college savings can go against your expected family contribution and thus affect loans and grants that your child can receive, but it won't affect things like merit based scholarships.  But many of us with dual income or even single income familes aren't the people qualifying for state need and pell grants (the free money).

    We decided to save, but that we were okay not having his whole college paid for by the time he was 18 and so we did research on GET and 529 plans and the funny thing is the women at the BECU where we were looking into 529 plans told us, that for our situation, where we were just going to save as we go, the GET program was probably a better option in the long run.  The only thing is tuition is going WAY up next year and if you can get in this year the return on your investment will be better. (I am so scared to see what college costs when our kids are ready for that...aargh).

    The GET program is completely transferrable to other children and can be used at many different types of schools...you get more out of it if your children go to schools that are cheaper than UW/WSU like the regional institutions (CWU, WWU, EWU) or the technical/community colleges.

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  • sdgirl6/7/06sdgirl6/7/06
    You can pass the GET credits to another family member or request a refund ( in which case you will have to pay taxes). Jill, What do you mean by the weird exchange rate? I thought it pretty much ends up being $ for $ no matter where they go, with tuition at University of WA being the standard.
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  • Em7.31.04Em7.31.04
    We opened a 529 account for DS and will do the same for DS #2.  Not a fan of GET accounts...
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  • Seattle_JiLLnSeattle_JiLLn

    imagesdgirl6/7/06:
    You can pass the GET credits to another family member or request a refund ( in which case you will have to pay taxes). Jill, What do you mean by the weird exchange rate? I thought it pretty much ends up being $ for $ no matter where they go, with tuition at University of WA being the standard.

     

    No, not really.  It's more complicated since the rate of tuition increase can vary from school to school... our financial planner explained it to us and honestly I don't remember the specifics, but it wasn't just $ for $.  I think it's got something to do with the fact that the different schools rate of increase can be different. 

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