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September 2022: College Savings Month

WHEREAS, the consistently rising costs of higher education have out-paced inflation and the growth of family income, which poses a serious threat to the ability of our residents to ensure their children’s access to post-secondary education; and,

WHEREAS, the amount of student loan debt continues to rise, leaving college graduates with the ever-increasing burden of paying for their college education long after they have completed it; and,

WHEREAS, government, at both the federal and state levels, should encourage savings and assist parents, grandparents, friends, and businesses as they seek to support the education of children, grandchildren, and others in need to help meet their higher education goals; and,

WHEREAS, a 529 plan is a tax-advantaged savings or investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild), named after Section 529 of the Internal Revenue Code, and administered by state agencies and organizations; and,

WHEREAS, Michigan has been providing a prepaid tuition 529 program through the Michigan Education Trust (MET) for 34 years; a direct-sold investment based 529 program through Michigan Education Savings Program (MESP) for 22 years; and a broker-sold, investment-based 529 plan through the MI 529 Advisor Plan (MAP) for 13 years; and,

WHEREAS, throughout this month, we encourage all Michigan residents to learn more about the benefits of available 529 plans and research other ways to save for college;

NOW, THEREFORE, I, Gretchen Whitmer, governor of the State of Michigan, do hereby proclaim September 2022 as College Savings Month in Michigan.