Gov. Rick Snyder has proclaimed September as College Savings Month in Michigan in an effort to increase awareness about the importance of saving for college. The Michigan Education Trust (MET) is wrapping up its How We MET Sweepstakes by randomly drawing two winners of $3,000 pay-as-you-go MET prepaid tuition contracts. The final two awards will conclude the $30,000 giveaway that began with monthly drawings in January.
“In celebration of our 30th anniversary as the nation’s first prepaid tuition program, we’ve been awarding $3,000 each month throughout 2018 to one lucky Michigan family,” said MET Executive Director Robin Lott. “In September, in recognition of College Savings Month, we’re going to double the fun and award a total of $6,000.”
According to the results of a first-of-its-kind survey released by MET, an overwhelming majority of Michigan parents view a college education as an investment in their child’s future. However, only about half are currently saving for higher education expenses.
With MET, families can buy future tuition at today’s prices. MET’s 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 investment. Pay-As-You-Go contract holders can purchase additional prepaid tuition with contributions of as little as $25. MET also sells tuition in semester increments through lump-sum and monthly purchase plans.
MET is one of three 529 college savings plans governed by the Michigan Department of Treasury. The others are the Michigan Education Savings Program and the MI 529 Advisor Plan, each of which allows investors to grow their savings tax-free in various investment options. All three 529 plans also offer Michigan income tax deductions on contributions in the year they’re made.
The sweepstakes is open to Michigan residents ages 18 and older who will have children 17 years old and under by Sept. 30. The deadline to enter for the final tuition awards is Sept. 17 at MET4College.com.