Governor Gretchen Whitmer is a lifelong Michigander. She is a lawyer, an educator, former prosecutor, State Representative and Senator. She was the first woman to lead a Senate caucus. But the most important title she boasts is MOM. Inspired by her family, she’s devoted her life to building a stronger Michigan for everyone.
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September 01, 2024
WHEREAS, the rising cost of higher education poses a serious threat to the ability of Michiganders to pursue their potential; 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 decades 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 35 years; a direct-sold investment-based 529 program through the Michigan Education Savings Program (MESP) for 23 years; and a broker-sold, investment-based 529 plan through the MI 529 Advisor Plan (MAP) for 14 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 higher education; and,
WHEREAS, eligible Michiganders currently seeking higher education should take advantage of current programs offered by the State of Michigan to lower the cost of college and skills training like Michigan Reconnect and the Michigan Achievement Scholarship which provide tuition-free pathways to in-demand, good-paying jobs in our state;
NOW, THEREFORE, I, Gretchen Whitmer, governor of the State of Michigan, do hereby proclaim September 2024 as College Savings Month in Michigan.