Sept. 8, 2021
The Michigan Education Trust (MET) today announced a new campaign to help families prepare for their children's higher education future and highlight the unique advantages of saving with MET.
The campaign will run in September during College Savings Month.
Administered by the Michigan Department of Treasury, MET is the state's prepaid education savings program that lets users pay today's prices for future education costs. Signed into law in 1986, it was the first prepaid education savings program in the nation.
More than 96% of high school graduates participating in MET have attended a college or university.
"For over three decades, MET has been providing families peace of mind as they work, plan and save to help provide their children with a debt-free start to pursue their dreams," said MET Executive Director Diane Brewer. "We are excited to share with Michiganders how MET offers a safe, secure and flexible way to save for higher education."
The campaign centers on the different education and career paths children can choose and how parents and caregivers can prepare for a child's future - even if they can't predict it. Using social media, TV and digital video advertising, the campaign will emphasize how MET benefits are portable, transferable and refundable while also providing tax advantages. The 30-second TV spot can be viewed here.
There are three types of MET plans: the full benefits plan, the limited benefits plan and the community college plan. Families can purchase one plan or mix and match options.
MET benefits can be used for postsecondary education at universities, colleges and technical schools. If a child chooses to attend a private Michigan school or out-of-state college or university, funds can be directed to that institution. MET benefits may also be transferred to other eligible family members and are refundable if the student does not attend college.
Parents, grandparents or other family and friends can make MET contributions on behalf of beneficiaries. MET has flexible and convenient payment options that allow purchasers to pay as they go, pay all at once or make monthly payments.
Contributions to MET plans are tax deductible on Michigan tax returns. Earnings are tax exempt if they are used for higher education tuition and mandatory fees.
"Investments in our children's futures are also investments in Michigan that help all of us succeed," said Governor Gretchen Whitmer. "We need a highly skilled, educated workforce to meet the economic challenges we face, and for over thirty years, the Michigan Education Trust has been giving Michigan's kids a chance to chase their potential. I support their mission to empower Michiganders and encourage families to collaborate with MET so save for their children's future."
Michiganders age 25 and up, are also encouraged to explore their options with the Michigan Reconnect scholarship. Reconnect offers a tuition-free path to a certificate or associate degree an in-district community college. This can help eligible applicants who didn't have a college savings plan in place achieve their dreams and help those who do have a savings plan use Reconnect to cover the cost of a two-year degree while their savings pay for living expenses and/or continue their at an education at college or university.
MET is hosting webinars in September to inform families about features and benefits of the Section 529 savings program.
The current enrollment period for MET will end Sept. 30 and reopen in December. MET closes enrollment each fall for administrators to review pricing. Families who make a MET purchase this month - as well as those who wait until December when enrollment reopens - will qualify for a deduction on their 2021 Michigan tax returns.
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