SET with MET
Did you know grandparents account for 20% of new MET contract sales?
Leave a legacy of learning--start saving for your grandchild's future college education today! MET allows for the pre-purchase of tuition based on today's rates and then paid out at the future cost when the beneficiary is in college. Performance is often based upon tuition inflation, not market performance. MET contracts are flexible, transferrable and even refundable.
Even though they died years ago and initially quit school before earning high school diplomas, Erlean and Verle Gilbert Sr. continue to inspire their family’s pursuit of higher education.
“They were very much in favor of education,” said daughter-in-law Cynthia Gilbert, who with husband Verle Jr. is continuing their legacy by establishing college savings accounts for the family’s younger generations – including the spring 2019 purchase of 10 Michigan Education Trust prepaid tuition contracts to benefit seven grandchildren, two great-nieces and one great-nephew.
“It’s very important to my husband and me that they don’t have a lot of debt from going to college,” she said of the MET beneficiaries, who at the time of purchase ranged in age from 7 months to 15 years.
Technically, it was inheritance money from Cynthia’s father, Carl Armor, who died in January 2019 at age 94, that funded the MET contract purchases.
But it was primarily the example set by her in-laws that influenced Cynthia and Verle Jr.’s decision to devote the funds toward their younger relatives’ future education.
“I guess what it boils down to is we also believe in education and we decided we might as well invest in our family,” Cynthia said.
Q: Does my grandchild have to go to a Michigan college? They are really young and I don't even know if they will want to attend college.
A: MET contracts are pretty flexible. While it typically works best to attend a Michigan public college or university, there are ways to pay private Michigan colleges as well as trade schools and out-of-state schools. If the child decides not to attend college they can decide to transfer their credits to another family member or terminate the contract for a refund.
Q: What happens if I'm not around when the child is college-aged? Can my child, the parent, take over the contract?
A: You do have the option to list one of the child's parents, or someone else, on the contract as an appointee. You can also decide whether or not that person can take over the powers of the purchaser if something were to happen to you. Whether or not you list someone else on the contract will not impact the beneficiary's ability to use their MET contract to pay for school. They will be able to initiate payment to the school on their own.
Q: Is it easy to set up a new MET contract? I am not really comfortable entering my information online.
A: Yes. You can either open a new contract by completing our secure online enrollment process. Or you can mail in your completed Contract Signature Page. If at anytime you have questions or need assistance, contact us at 800-638-4543.