April 1, 2004

Parents and grandparents, who want to help a loved one save for college, have just two weeks to purchase a Michigan Education Trust (MET) contract, in the current enrollment period. MET’s open enrollment ends Thursday, April 15^th. "With tuition costs expected to increase every year, the Michigan Education Trust continues to be an excellent savings tool for Michigan families," said State Treasurer Jay B. Rising, chair of the MET Board of Directors. "MET purchasers are assuring themselves and their children that future tuition hikes will not impact their bottom line."

Two new features have made MET even more attractive during the current enrollment period. Contracts can be purchased by semester and with graduated prices, based on the age or grade of the intended beneficiary. The current cost for one semester for a newborn beneficiary is $3,386. Monthly payments and payroll deduction plans also make MET more affordable for all Michigan families.

The savings do not stop there. The total MET contract price, including enrollment fees, qualifies for a Michigan income tax deduction for the year in which the contract is purchased. In addition, earnings on contributions are tax-exempt, if used for qualified higher education expenses by the year 2010.

Since MET’s inception in 1988, more than 72,000 contracts have been purchased with assets of over $972 million. More than 12,000 students are currently using MET contracts to attend college.

Treasurer Rising plans to propose that the next MET contract enrollment period begin in September of 2004, pending a review of expected tuition increases for fall of 2004.

For more information about MET, or to enroll online, log onto www.met4kid.com or call 1-800-MET-4-KID.