September 2018: College Savings Month
WHEREAS, the constantly rising costs of higher education have out-paced inflation and the growth in family income, all of which pose a serious threat to the ability of our residents to ensure their children’s access to post-secondary education; and,
WHEREAS, the amount of student loan debt continues to rise, leaving college graduates with the ever-increasing burden of paying for their college education long after they have completed it; and,
WHEREAS, government, at both the federal and state levels, needs to encourage savings versus consumption and assisting rather than hindering parents, grandparents, friends, and businesses, as they seek to support the education of children, grandchildren, and others in need of help to meet their higher education goals; and,
WHEREAS, a 529 plan is a tax-advantaged savings or investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild), named after Section 529 of the Internal Revenue Code, and administered by state agencies and organizations; and,
WHEREAS, the Michigan Department of Treasury has been providing a pre-paid tuition 529 plan through the Michigan Education Trust (MET) for 30 years and an investment savings 529 plan through Michigan Education Savings Program (MESP) for 18 years;
NOW, THEREFORE, I, Rick Snyder, governor of Michigan, do hereby proclaim September 2018 as College Savings Month in Michigan.