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529 college savings plans to host free drop-in informational session at Troy Public Library
March 17, 2023
Area families will have an opportunity to learn about saving for college during a free community informational session hosted by the Michigan Department of Treasury’s Section 529 college savings plans from 3-7 p.m. Tuesday, March 21, at the Troy Public Library, 510 W. Big Beaver Road.
Representatives from the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) will be on hand to discuss the features and benefits of each plan and offer general tips to educate parents, grandparents and others on saving for college.
Event attendees, who are encouraged to arrive at their convenience anytime between 3 and 7 p.m., will also have the opportunity to purchase a MET contract and open an MESP account on-site. MET will also contribute $150 toward each new prepaid tuition contract purchase during the session.
“We know that saving for college can seem overwhelming for parents, and this is an opportunity for them to gather information in a low-key, no-pressure environment,” said Diane Brewer, executive director of both 529 plans. “With college tuition and fees 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.”
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% of high school graduates with MET contracts have attended a college or university.
MESP is Michigan’s direct-sold Section 529 college savings plan that offers families various investment options. It also provides Michigan taxpayers a state 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.
Ron Leix, Treasury, 517-335-2167