Purchase Options

MET contracts offer the new pay-as-you-go, lump sum, and monthly purchase options.


This purchase option allows purchasers to buy contracts by credit hours rather than in semester increments. This is a good option even if you intend to purchase one or more semesters in a lump sum as it leaves the contract open to future contributions as opposed to a regular lump sum purchase that is closed and cannot be added to in the future. Once a contract has been purchased, friends and family can also make contributions to the contract.

The cost of a credit hour is the price in effect for specified credit hour type (Full, Limited, Community College) at the time of purchase. Current prices (view the price charts) are as follows:

Enrollment Period Dec. 1, 2017 - April. 30, 2018 May 1, 2018 - Sept. 30, 2018
Full Benefits Contract $589 per credit hour $594 per credit hour
Limited Benefits Contract $474 per credit hour $479 per credit hour
Community College Contract $110 per credit hour $111 per credit hour

When purchasing the initial contract you must purchase a minimum of one credit hour in your plan of choice, although you can purchase any amount Little gradabove the minimum. You may then continue to make payments at any time in minimum increments of $25. Pay-As-You-Go contracts must be completed 45 days before intended use.

For example if you choose the Limited Benefits plan and choose an initial payment of $1,000 you will have purchased 2.109 credit hours. Future payments will be added to this initial payment and the number of credit hours will be recalculated with each payment received.

Once a contract has been purchased additional payments can be made by:

  • Check or money order (cashiers’, certified or personal):

MET, Bank Lock Box: Dept. 771368
P.O. Box 77000
Detroit, MI 48277-1368

Write MET contract number on memo line

Credit hour costs for each type of contract will be set each enrollment period to be effective on the first day of enrollment and are subject to change if a mid-year price change were deemed necessary by the MET Board of Directors.

For the enrollment period beginning December 1, 2017, there is no initial price increase from the previous year. There will be a one (1) percent price increase on May 1, 2018. If you are purchasing a Pay-As-You-Go contract near the end of a pricing tier, please select the ACH payment option for your initial Pay-As-You-Go payment to ensure your payment is credited at the current credit hour rate.  Any payments received after the pricing tier end date will be credited at the new credit hour rate.

Please review the Pay-As-You-Go FAQ's for additional information.

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Lump sum purchases are generally used to make a purchase of a set number of semesters or years. If you are not purchasing a full four year contract we recommend choosing the Pay-As-You-Go payment option. You would still purchase the same number of semesters or years initially, but the contract would remain open to additional contributions in the future. Lump sum payments can be made:

  • Electronically during online enrollment from a checking or savings account (MET does not accept credit card purchases.)
  • Electronically from a checking or savings account through online contract access after enrollment (choose to pay by check during enrollment process and make electronic payment afterwards.)
  • Personal check or money order

Please note that the $25 online processing fee must be paid electronically at the time of enrollment even if you choose to pay the balance by check or money order.

Lump sum payments by personal check or money order should be sent to:
Michigan Education Trust
P.O. Box 30198
Lansing, MI 48909

Monthly Purchase

MET offers monthly purchase options in four, seven, ten or fifteen year increments depending on the age of the beneficiary. The age of the beneficiary determines which plan is available as the contract must be paid-in-full by the time the beneficiary reaches the age of eighteen.  MET’s price chart lists the prices for each plan and the ages of eligibility.Double Kids

Monthly payments can be made by:

  • Coupon book (check: cashiers’, certified or personal)
  • Electronic funds transfer

  • Payroll deduction

    Monthly payments will begin either February 25, 2016, May 25, 2016, September 25, 2016 or October 25, 2016 depending on the date of enrollment.

    Monthly payments should be sent to:

    MET, Dept. 771368
    P.O. Box 77000
    Detroit, MI 48277-1368

Write MET contract number on memo line.

What happens if all the monthly payments are not made?

Each monthly purchase amount accepted by MET represents a percentage of benefits purchased. If any monthly purchase amount (and any late fee due) is not paid within 60 days after it is due, the purchaser will lose the opportunity to submit any further monthly purchase amounts under the contract. The total of all monthly purchases accepted by MET remain with MET until the beneficiary is 18 or graduates from high school.

For example: Mr. Smith purchases a one-year full benefits contract (30 credits) for his son John under the four-year monthly purchase plan. The contract price is $17,644 paid monthly in the amount of $422.00 for 48 months*. Mr. Smith makes 24 monthly payments (50 percent of the total contract), but is unable to continue to make payments due to an unforeseen financial difficulty. After 60 days has passed and MET has not received a payment, the contract enters default status. MET retains the accepted monthly purchase amounts and when John Smith turns 18 or graduates from high school, he will have 15 credits (50 percent of the full contract total of 30) of educational benefits he can use to attend college.

* Monthly purchase amounts include a 7.01 percent rate of return, therefore the total amount paid will be more than if paid by lump sum.