SET with MET
1. Invest in your child/grandchild’s future. Children with a college savings account are more likely to attend and graduate from college.
2. Lock in today’s tuition rates.
3. MET pays for tuition and mandatory fees at a Michigan public college.
4. MET contracts can be used at Michigan public universities/colleges, private universities and out-of-state schools.
5. The new Pay-As-You-Go payment option makes purchasing a MET contract more affordable.
6. Peace of mind knowing that tuition is paid.
7. Purchasers can deduct the entire purchase price of a MET contract on their State of Michigan tax return.
8. Exempt from federal income tax when used for qualified higher education expenses.
9. A MET contract means less borrowing for the student and you in the future.
10. Friends and family can contribute to an existing MET Pay-As-You-Go contract. It makes an easy gift idea.
11. MET works like an insurance program, no risk.
12. You can rollover funds from an existing 529 program to purchase a MET contract.
13. MET offers payroll deduction as a payment option.
14. You can set up automatic deductions from your bank account to help make saving easier.
15. Refundable if the beneficiary does not attend college.
16. MET benefits can be transferred to another family member.
17. Lock in your tuition rate with one of our monthly payment plans.
18. Beneficiaries have 15 years from their expected high school graduation date to use benefits.
19. Three different plan options to fit your budget and education needs (full benefits, limited benefits and community college).
20. MET benefits can be used in conjunction with scholarships.
21. MET contracts have a minimal impact on financial aid.
22. MET contracts constitute a gift, so may qualify for exclusion from the federal gift tax.
23. Refundable if the beneficiary receives a full-tuition scholarship
24. The beneficiary can apply unused credits towards a graduate degree (MET will pay the undergraduate rate).
25. MET has been around since 1988—Michigan was the first state to adopt a prepaid tuition program.
26. More than 105,000 contracts have been purchased so far.
27. It is easy to use. Once a student notifies us what school they are attending we will pay that school directly.
28. You can enroll online or by mail.
29. Since 1988, 96% of high school students with a MET contract have gone on to attend a college or university.