December 6, 2011

Perfect Holiday Gift Idea, Complete with Income Tax Deduction

The Michigan Education Trust (MET) opens its 2012 enrollment period on Thursday, December 15, 2011, just in time for holiday gift giving. MET is Michigan’s Section 529 prepaid tuition program that allows individuals and organizations to pre-purchase credits toward future tuition at any of the State’s universities and public colleges by locking in today’s rates. The enrollment period runs through August 31, 2012.

More than 16,300 students are currently using MET benefits at Michigan public colleges and universities, private colleges, and out-of-state institutions. Parents and guardians, grandparents, other family members and friends can purchase a MET contract for a Michigan student.

MET offers three contract options: Full Benefits, Limited Benefits, and Community College. Contracts can be purchased in semester increments with convenient payment options available. MET purchasers receive a state income tax deduction for the total contract price, including enrollment fees.

"MET has a strong track record as a smart and safe college savings tool that can help make a child’s education dreams come true,” said Robin Lott, MET executive director. "MET provides peace-of-mind and great flexibility, not to mention an important state income tax deduction.”

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.

Individuals also have the opportunity to help an eligible foster care student attend college through MET's Charitable Tuition Program. 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.

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