State’s prepaid tuition plan will match first $150 for new enrollees at the Oct. 12 event
OKEMOS — The Michigan Department of Treasury will host a free community event Oct. 12 as part of an informational road trip to bring awareness to college savings plans.
Area families will have an opportunity to learn about saving for college during the informational session presented by the Michigan Department of Treasury’s Section 529 college savings plans from 10 a.m. to 2 p.m. Saturday, Oct. 12, at the Capital Area District Library — Okemos Branch, 4321 Okemos Road, Okemos.
Families can drop by to hear about the Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP) and receive tips on how to plan for their children’s future education. Representatives will be available to assist with MET contract purchases and MESP account openings on-site.
The event also brings with it some financial incentive.
Event attendees, who are encouraged to arrive at their convenience anytime between 10 a.m. and 2 p.m., will have the opportunity to purchase a MET contract and open an MESP account on-site. MET will contribute $150 toward each new prepaid tuition contract purchased at the session. Read match rules and eligibility.
“Planning for college can be a daunting task for families juggling multiple financial commitments,” said MET Executive Director Diane Brewer. “We aim to make this process easier by offering a convenient, low-pressure event where families can get the insights they need to start saving. With college costs steadily rising, it’s more important than ever for parents, grandparents and caregivers to take proactive steps toward securing children’s educational future.”
The benefits of a MET plan extend beyond savings, with contributions being tax-deductible for Michigan residents and distributions for qualified education expenses being tax-free. Additionally, MET offers the flexibility of year-round contributions, making it easy for anyone — parents, grandparents, friends and even community organizations — to invest in a child’s future.
Brewer also emphasized MET’s ongoing efforts to educate families about the advantages of MET through a series of webinars scheduled throughout the year. These sessions cover various topics, including the features and benefits of MET contracts and the broader tax advantages of 529 plans.
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. MET funds can be used to pay out-of-state and Michigan private college and university tuition. MET credits can also be transferred to other eligible family members.
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.
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