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Contract Value

Contract Value

If the MET Contract Purchaser is a parent, use this worksheet to calculate the refund value of your MET contract based on the Higher Education Reconciliation Act (HERA) requiring recalculation of financial aid packages for prepaid tuition programs. This information may be used to complete the Free Application for Federal Student Aid (FAFSA).

 

If the MET Contract was purchased by anyone other than a parent or beneficiary under UGMA/UTMA, you are not required to disclose MET on the FAFSA form.

 

Freshman and students not yet attending college


Tuition Value per year from the listing*

X

Number of MET contract years or credit hours purchased

=

Total Refund Value to be reported on FAFSA**

** Use this value or prepaid tuition amount, whichever is greater.

Example: Sarah is a Senior in High School who has a Full Benefits Contract with 115 credits.

 

$580.06

X

115
credit hours

=

$66,707
Total Refund Value to be reported on FAFSA**

Students returning to Michigan public colleges


Tuition Value per credit hour from the listing*

X

Number of MET credit hours remaining

=

Total Value of MET contract

Example: Carl is going to be a Sophomore at Michigan State University who has a Limited Benefits Contract.

 

$466

X

60
credit hours

=

$27,960
Total Refund Value to be reported on FAFSA**


Students returning to Michigan private and out-of-state colleges


The Refund Amount available is the Total Value of the MET contract

 

*Tuition Values

Full Benefits Contract

Average tuition of $17,402 per year
- or -
$580.06 per credit hour

Limited Benefits Contract

Average tuition of $13,980 per year
- or -
$466 per credit hour

Community College Contract

Average tuition of $5,296 per year
- or -
$176.53 per credit hour