Michigan Department of Treasury issued the following announcement on Sept. 8.
September is National College Savings Month and the Michigan Education Trust (MET) is celebrating by offering a $100 matching grant to the first 300 families who open a new prepaid college tuition contract this month.
The incentive is available to purchasers who enroll online at SETwithMET.com before Sept. 30 using coupon code BKTOSCHL20. MET will also waive its $25 enrollment fee this month.
“MET truly offers peace of mind because it allows families to pay tomorrow’s college tuition at today’s prices,” said Diane Brewer, MET deputy director. “We’re hopeful this $100 match will be the nudge parents and grandparents need to start on the path toward saving for higher education.”
Families are urged to act quickly not only to take advantage of the match, but to secure a new contract before MET’s current enrollment period ends Sept. 30. MET closes enrollment for a period each year in order to review pricing. During that time, it does not sell new contracts.
“To protect against possible price increases, families who are already considering purchasing prepaid college tuition from MET are advised to complete their contract purchases by the end of September,” Brewer said.
While enrollment is closed, holders of MET Pay-As-You-Go contracts can continue to add money to their accounts at current prices. The Pay-As-You-Go option allows purchasers to buy prepaid tuition in credit hour increments rather than on a semester basis, which requires a greater upfront contribution. After making the initial minimum purchase of at least a credit hour, Pay-As-You-Go contract holders can purchase additional prepaid tuition with contributions of as little as $25.
MET also offers contracts through lump sum and monthly purchase plans.
MET is the Section 529 prepaid college tuition plan administered by the Michigan Department of Treasury. Named after the section of the Internal Revenue Code that allowed for their creation, 529 plans are tax-advantaged savings vehicles offered by states.
Only one account per beneficiary qualifies for the match and fee waiver, and MET will make the match after account holders complete their purchase of at least one credit hour of prepaid tuition.
More information about MET is available at SETwithMET.com or 800-MET-4-KID.
Original source can be found here.
Source: Michigan Department of Treasury
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