June 23, 2011

Lock in Future Tuition at This Year's Rate

The Michigan Education Trust (MET) is reminding parents, grandparents, and organizations that there is only one week left to pre-purchase college credits before the current MET enrollment period ends June 30, 2011. MET is Michigan's Section 529 prepaid tuition program that locks future tuition at any of the State's public universities and colleges, at today's rates.

MET offers three types of contracts; Full Benefits, Limited Benefits and Community College, which can be purchased in lump sum or using a monthly payment plan. Contracts can also be purchased by semester and can be purchased for any Michigan resident, newborn through adult.

Contract purchasers receive a state income tax deduction for the total contract price, including enrollment fees, while earnings on contributions are also tax exempt, if those earnings are used for qualified higher education expenses at a qualified higher education institution.

Since its debut in 1988 as the nation's first prepaid tuition program, MET has sold more than 95,000 contracts. MET contracts are portable to Michigan private and out-of-state colleges and universities and may be transferred to other eligible family members. More than 90 percent of high school graduates with MET contracts have attended a college or university. Visit SETwithMET.com or call 1-800-MET-4-KID (800-638-4543) for enrollment information.

MET also offers a Charitable Tuition Program as a way for organizations to purchase one to four years of college for a deserving individual or child at a special discounted rate. Organizations can stretch their scholarship dollars with a MET charitable tuition contract. Charitable donations will go toward providing scholarships to foster care students at Michigan public colleges who meet academic and/or need-based criteria established by the colleges. To make a charitable donation complete and submit MET Charitable Tuition Program Contribution form (Form Number 4654).

# # #