|MET means peace of mind. Parents and others can pay tomorrow's college tuition at today's prices and provide an opportunity for young children and/or high school graduates by encouraging them to excel beyond high school.
Michigan Tax Deduction
Total contract price (lump sum) or monthly payments made are deductible on a purchaser's Michigan income tax form in the year they are made.
Tax Deferred Earnings
Purchasers and students may not pay state or federal income tax when the benefits are used for qualified higher education expenses.
Students have 15 years to use tuition benefits. MET contracts can be purchased in one semester increments up to 8 semesters. Under the monthly purchase option, payments can be made over four, seven, 10 and 15 years. Payroll deduction is also offered through participating employers.
Rollovers from other 529 Programs
MET accepts rollovers from other 529 programs (including MESP)
and from the redemption of a Coverdell Education Savings Account or a Qualified
U.S. Savings Bond. However, MET contracts cannot be rolled over to other 529
programs until the beneficiary is age 18 or graduated from high school.
Contracts can be transferred to immediate family
members of the original beneficiary (including siblings, children, and first
cousins) once the original beneficiary turns 18 years old or graduates from high
Students may direct a refund amount to any
out-of-state baccalaureate degree-granting institution or community college.
Refund options are also available for full scholarship, military enlistment,
death or disability, or not attending college.