Kids & Family
College savings advice to be offered at Rochester Hills library
Michigan Education Trust prepaid tuition plan will waive application fee, match first $100 for new enrollees during Sept. 30 session
ROCHESTER HILLS — The Section 529 college savings plans administered by the Michigan Department of Treasury will host an informational session to wrap up College Savings Month from 3-8 p.m. Monday, Sept. 30, at the Rochester Hills Public Library, 500 Olde Towne Road.
Area families will have an opportunity to learn about saving for college during the free, drop-in event, at which representatives from the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) will discuss the features and benefits of each plan and offer general tips to educate parents, grandparents and others on saving for college.
Event attendees will also have the opportunity to purchase a MET contract and open an MESP account on-site. MET will waive its $25 enrollment fee and contribute $100 toward each new qualifying prepaid tuition contract purchase during the session.
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“September is College Savings Month, which is a perfect time to spotlight the importance of beginning to save for college as soon as possible,” said Robin Lott, executive director of both 529 plans.
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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 to out-of-state and Michigan private colleges and universities and may be transferred to other eligible family members. More than 96 percent of high school graduates with MET contracts have attended a college or university.
MESP is Michigan’s direct-sold Section 529 college savings plan, which offers Michigan taxpayers a Michigan 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.