The unit price is carefully evaluated up to twice yearly to ensure that future college funds will always be there for families who have enrolled their children in GET.If you can no longer make payments on your Custom Monthly contract, you may have the option to 1) convert to a Lump Sum plan and end your monthly payments, 2) reduce the total number of units in your contract to lower your payment, 3) increase the number of years in your contract to lower your payment, or 4) close the account and request a refund.
You can use that money towards any qualified higher education costs (usually tuition, room and board, and books) at any qualified college, university or technical school in the country. Any unused units from one year will automatically roll over to the next year.
You decide how many units to buy, from a minimum of one unit to a maximum of 600 units per child. The fact is that most college costs are covered by a combination of savings, part-time work, scholarships, loans and grants.
Fewer units may cover two years at a local community college.
There are also other expenses to plan for, such as books, room and board, and supplies.
You will complete a Direct Payment Request if you want GET to send money directly to the school, or a Reimbursement Request if you have paid college expenses from your own funds.
Units must be held at least two years before use, and Custom Monthly Plans must be paid in full.The state guarantees that if future tuition increases ever require the program to pay out more money than it has available, the Legislature would be required by state law to provide funding to cover the shortfall.GET is a self-sustaining program and does not rely on general state budget funds.The GET Committee sets the unit purchase price with the input of an actuarial formula that takes into account estimated future tuition, projected inflation and investment returns, and administrative costs.It also includes a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition.Please review our Refund and Cancellation policy (available on the Forms page) for details.