The Michigan Education Trust is lowering rates on its college savings plan. The Trust has a record surplus that will be used to reduce pricing.
State Treasurer Rachael Eubanks, who also serves on the MET Board of Directors said, “We are constantly striving to deliver to parents, grandparents and others a safe, secure and flexible way to make sure their loved ones meet their higher education goals. While the new price structure will make it easier for those with young children to save, MET will continue to provide families with older children advantages as they work and plan to help them pursue their dreams.”
The Michigan Education Trust lets families pay today’s prices for future tuition costs. MET funds can be used at universities, colleges and technical schools. The money can also be transferred to private universities and is refundable if the child does not end up attending college.
Anyone can contribute to a MET plan for a beneficiary. Contributions are tax-deductible on Michigan tax returns and are tax-exempt if used for college or other post-secondary education.
MET will offer a $150 match on the first 200 contracts purchased for new beneficiaries in December. Eligibility and rules are posted at SETwithMET.com along with pricing details. Families who make a MET purchase by December 31 will qualify for a deduction on their 2021 Michigan tax returns.
Reporting for WGRT – Jennie McClelland
