LANSING, Mich. (WOOD) – The Michigan Education Trust (MET) announced today that it will reopen enrollment on Friday, Dec. 1, just in time for holiday gift buyers to buy or contribute toward a child’s 529 prepaid tuition contract.
“We like to say that, unlike the latest toy or gadget that children will quickly outgrow or lose interest in, the gift of a college education lasts a lifetime,” said Robin Lott, executive director of the 529 prepaid tuition program administered by the Michigan Department of Treasury.
Lott said that grandparents, other family members or friends can purchase a new MET prepaid tuition contract in a child’s name, or contribute money toward an existing contract.
She also noted that contract holders qualify for a tax deduction on their Michigan tax returns for purchases or contributions made by Dec. 31.
MET closes enrollment for a period each year in order to review pricing. During that time, it does not sell new contracts.
Also today, the 529 prepaid tuition program announced that its contract purchase prices will remain unchanged until April 30, 2018. Prices will increase 1 percent on May 1 and remain in effect through Sept. 30, 2018.
That means until April 30, for example, that purchasers of Pay-As-You-Go contracts will continue to pay $589 for a credit hour of tuition under a full-benefits contract, which guarantees full payment of tuition and mandatory fees at any Michigan public university; $474 per credit hour under a limited-benefits contract, which covers up to 105 percent of the weighted average tuition of Michigan’s public four-year universities; and $110 per credit hour for a community college contract.
MET also sells contracts through lump-sum and monthly purchase plans.
More information about MET is available at SETwithMET.com or 800-MET-4-KID.
Administered by the Michigan Department of Treasury, 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. MET contracts are portable to out-of-state and Michigan private colleges and universities, may be transferred to other eligible family members and are refundable if the student does not attend college. More than 96 percent of high school graduates with MET contracts have attended a college or university.