The Michigan Education Trust (MET) is reminding families saving for their children's education that its current enrollment period will end on Sept. 30.
The 529 prepaid tuition program, which is administered by the Michigan Department of Treasury, will reopen for contract purchases in December.
MET closes enrollment for a period each year in order to review pricing. During that time, it does not sell new contracts.
"To protect against possible price increases, families who are already considering purchasing prepaid college tuition from MET are advised to complete their contract purchases by the end of the September," said MET Executive Director Robin Lott.
She also noted that families who opt to wait and buy MET prepaid tuition in December will still qualify for a deduction on their 2018 Michigan tax returns.
While enrollment is closed, holders of MET Pay-As-You-Go contracts can continue to add money to their accounts at current prices. The 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 contribution. After making the initial minimum purchase of at least a credit hour, Pay-As-You-Go contract holders can purchase additional prepaid tuition with contributions of as little as $25.
MET also sells contracts through lump sum and monthly purchase plans.
More information about MET is available at SETwithMET.com or 800-MET-4-KID.
Published: Thu, Sep 20, 2018
