Michigan's 529 College Savings Plans to Host Free Drop-In Information Session at Troy Public LibraryContact: Danelle Gittus (email@example.com), Ron Leix (firstname.lastname@example.org) or call 517-335-2167Agency: Treasury
March 14, 2017
Area families will have an opportunity to learn about saving for college during a free, drop-in informational session hosted by the Michigan Department of Treasury’s Section 529 college savings plans from 3-8 p.m. Wednesday, March 22, at the Troy Public Library, 510 W. Big Beaver Road.
Representatives from the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) will discuss the features and benefits of each plan and offer general tips to educate parents, grandparents and others on saving for college.
Topics will include MET’s popular new Pay-As-You-Go option, which allows purchasers to buy contracts by credit hours rather than in semester increments. Event attendees will also have the opportunity to purchase a MET contract and open an MESP account on-site. MET will waive the $25 enrollment fee during the session.
“We’re looking forward to providing information on all aspects of saving for college,” said Robin Lott, executive director of both 529 plans. “With college tuition continuing to rise, it’s more important than ever for parents to get as early a start as possible on building college savings for their children.”
Lott noted that MET’s Pay-As-You-Go option leaves the contract open to future contributions from parents, as well as other family members and friends. For MESP, parents can open an account for as little as $25, she said.
MET is Michigan's Section 529 prepaid tuition program that locks future tuition at any of the State’s public universities and colleges, at today’s rates. The total contract price is eligible for a state tax deduction and earnings are tax exempt if used for qualified higher education expenses. MET contracts are portable to out-of-state and Michigan private colleges and universities and may be transferred to other eligible family members. More than 96 percent of high school graduates with MET contracts have attended a college or university.
MESP is Michigan’s direct sold Section 529 college savings plan, which offers Michigan taxpayers a Michigan income tax deduction on contributions and potential tax-free growth on any earnings if account proceeds are used to pay for qualified higher education expenses. MESP can be used at any eligible college, university or trade school in the nation and some abroad. Qualified higher education expenses include tuition, fees, room, board, books, equipment and supplies required for enrollment. Limitations apply. See the MESP Disclosure Booklet for details.
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