Free drop-in informational session on college savings planned for Macomb Township

The Michigan Department of Treasury will host a free community event Nov. 2 as part of a statewide 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 10 a.m. to 2 p.m. Saturday, Nov. 2, at the Macomb Township Recreation Center, 20699 Macomb St., Macomb Township.

Families can drop by to hear about the 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 10 a.m. and 2 p.m., will 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.

"Planning for college can be overwhelming for families managing various financial responsibilities," said MET Executive Director Diane Brewer. "Our goal is to simplify the process by offering a relaxed, accessible event where families can gain valuable insights on how to begin saving. With the steady rise in college costs, it's crucial for parents, grandparents and caregivers to take proactive steps to secure their children's educational future."

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.

About MET

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.

About MESP

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.