LANSING — Just in time for the holidays, the Michigan Education Trust (MET) has the perfect gift guaranteed to stand the test of time — college credits.
“Forget about Black Friday or Cyber Monday to find a bargain you can’t beat,” said Diane Brewer, executive director of MET, the 529 prepaid tuition savings program administered by the Michigan Department of Treasury.
“The best deal around in Michigan is buying a child college credits to start building a college savings plan that they can bank on in the future,” Brewer added.
Brewer emphasized that you don’t have to be a parent to contribute to a child’s 529 prepaid tuition savings program.
“Aunts, uncles, grandparents and friends of the family are all welcome to open or contribute to a MET plan,” Brewer stated. “The holidays are a wonderful time to give a gift that will last a lifetime, but you can contribute to an existing Pay-As-You-Go account at any time and for any occasion — and it’s as simple as any other online purchase.”
Brewer said more and more often, grandparents are lending a hand to ease the financial burden of college for their children and lessen the crushing weight of future student debt for their grandchildren.
If a friend or relative has already started a Pay-As-You-Go MET account, they can add to that contract throughout the year. All they need is the contract number. Electronic payments to the contract can be made through MET’s secure online pay site. The MET gift declarations also allow contributors to print out certificates of their contributions designed for holidays, birthdays, graduations and more that can be put in a card or gift-wrapped.
For those wanting to start a new MET contract, the 2023 enrollment period is open. Investing in MET also offers a tax advantage. To qualify for a deduction on this year’s Michigan tax return, purchases or contributions must be made by Dec. 31.
MET, the nation’s first 529 prepaid tuition plan, has helped tens of thousands of families since 1988 with an affordable way to save for college by pre-purchasing tomorrow’s tuition at today’s rates.
More information about MET is available at SETwithMET.com or 800-MET-4-KID.