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Department of Treasury Session Focuses on Saving for College
Press Release
The Michigan Department of Treasury will make its first stop of the year in Washtenaw County on March 5 as part of an informational road trip to bring awareness to college savings plans.
The event also brings with it some financial incentive.
The free community informational session hosted by the Department of Treasury’s Section 529 college savings plans takes place from 3-7 p.m. Tuesday, March 5, at the Pittsfield Branch Public Library, 2359 Oak Valley Drive.
Representatives from the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) will be on hand to discuss the features and benefits of each plan and offer general tips to educate parents, grandparents and others on saving for college.
Individuals, who may arrive anytime between 3 and 7 p.m., will have an opportunity to purchase a MET contract and open a MESP account on-site. MET will contribute $150 toward each new prepaid tuition contract purchased at the session. Click here for rules and eligibility.
“The prospect of saving for college can be daunting for parents as they work to balance all their immediate needs throughout the year. That’s why we’re providing a one-stop shopping event for families to easily gather information in a low-key, no-pressure environment,” said Diane Brewer, executive director of both 529 plans. “As college tuition and fees continue to rise, it’s more important than ever for parents to get as early a start as possible on building college savings for their children.”
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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