Michigan Department of Treasury
10/03/2024 | Press release | Distributed by Public on 10/03/2024 09:51
Attend free upcoming drop-in informational session on college savings at Canton Township Administration Building
CANTON TOWNSHIP - The Michigan Department of Treasury will travel to western Wayne County on Oct. 8 to host a free community event as part of an informational road trip to bring awareness to college savings plans.
Area families will have an opportunity to learn about saving for college during the informational session presented by the Michigan Department of Treasury's Section 529 college savings plans from 4-7 p.m. Tuesday, Oct. 8, at the Canton Administration Building, 1150 Canton Center Road, Canton Township.
Families can drop by to hear about Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP) and receive tips on how to plan for their children's future education. Representatives will be available to assist with MET contract purchases and MESP account openings on-site.
The event also brings with it some financial incentive.
Event attendees, who are encouraged to arrive at their convenience anytime between 4 p.m. and 7 p.m., will also have the opportunity to purchase a MET contract and open an MESP account on-site. MET will contribute $150 toward each new prepaid tuition contract purchased at the session. Read match rules and eligibility.
"Saving for college can feel overwhelming for parents, grandparents and other caregivers who are balancing numerous financial priorities," said MET Executive Director Diane Brewer. "That's why we're offering this convenient, no-stress event, giving families a simple way to access the information they need. With the increasing costs of college, it's more critical than ever for parents to start planning early for their children's educational futures."
The benefits of a MET plan extend beyond savings, with contributions being tax-deductible for Michigan residents and distributions for qualified education expenses being tax-free. Additionally, MET offers the flexibility of year-round contributions, making it easy for anyone-parents, grandparents, friends and even community organizations-to invest in a child's future.
Brewer also emphasized MET's ongoing efforts to educate families about the advantages of MET through a series of webinars scheduled throughout the year. These sessions cover various topics, including the features and benefits of MET contracts and the broader tax advantages of 529 plans.
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.