September 2016: 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, Michigan provides a college savings plan as a Section 529 Qualified State Tuition and Savings Plans (QSTP) through duly enacted laws passed by the state’s legislature, including state tax incentives as a recognition of the value of higher education;
NOW, THEREFORE, I, Rick Snyder, governor of Michigan, do hereby proclaim September 2016 as College Savings Month in Michigan.