Prepaid Tuition Plans

The Michigan Education Trust (MET) is a 529 Prepaid Tuition Plan which allows for the pre-purchase of tuition based on today's rates and then paid out at the future cost when the beneficiary is in college. MET allows for the pre-purchase of undergraduate tuition for a child living in Michigan at any Michigan public university or college, including 28 public community colleges. Additionally, students have 15 years to use the tuition benefits and students have the option of direct refund payments to any eligible private or public university in the nation. In the case that the student doesn't attend college or receives a full scholarship, benefits from MET plans can be transferred to a sibling or first cousin or monies can be refunded.

MET offers three ways to buy prepaid tuition contracts.

  1. Lump sum contract

  2. Monthly purchase plans

  3. Pay-As-You-Go

To read more about each of these contracts please read: http://www.freep.com/story/sponsor-story/met/2017/04/04/met-529-prepaid-tuition-purchase-options-meet-families-needs/99836792/

MET gives parents/caregivers assurance that their child’s college tuition can be managed. They also offer different payment plans and flexible options to meet the needs of different families.

My questions for you all are:

  1. Did you already know about or personally use MET?

  2. Do you think that if more people knew about these payment options, more families would buy the plans, and college rates would go up in the state of Michigan?

  3. Have 529 Prepaid Tuition Plans been successful in the past for increasing the number of students who attend college?

For more information on MET and 529 Prepaid Tuition Plans:

http://www.freep.com/story/sponsor-story/met/2017/04/04/met-529-prepaid-tuition-purchase-options-meet-families-needs/99836792/

http://www.michigan.gov/setwithmet/0,4666,7-237-43437---,00.html

https://www.irs.gov/publications/p970/ch08.html

 

 
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