August 12, 2002

Families interested in pre-paying future college tuition costs for a Michigan child have less than three weeks left to submit contracts to the Michigan Education Trust (MET). The current open enrollment period, which began in January, is slated to end August 31, 2002. MET Board Chair, State Treasurer Douglas B. Roberts says the enrollment period has yielded two thousand contracts to date. "This program continues to generate incredible interest among parents who are looking for ways to pay for future college costs," Roberts says. "When you take into account the tax benefits associated with a MET contract, it really is a win-win situation for Michigan families." Purchasers of MET contracts receive a state tax deduction on the total contract price while earnings on contributions are tax exempt, if they are used for qualified higher education expenses.

With a MET contract, purchasers pay for future college tuition and mandatory fees at today’s prices. Full, limited, and community college contracts are offered, with three payment options: lump sum, monthly purchase and payroll deduction, over four, seven or ten years. Families interested in the MET program can obtain a contract at the MET Web site at www.michigan.gov/treasury or by calling 1-800-MET-4-KID (1-800-638-4543).