There are a lot of ideas when it comes to buying gifts for kids, especially now with graduations for kids of all ages. But before you buy your child this year’s trendiest toy, consider giving a gift that will last a lifetime, a college education through Michigan Education Trust. Here to tell us more is the Executive Director of MET, Robin Lott.
The Michigan Education Trust allows contract holders to lock in college tuition at today’s rates, saving families money, assuming tuition continues to steadily rise. Every year on May 29 or 5/29, MET and other state-sponsored 529-plans throughout the country observe 529 Day to shine a spotlight on the importance of saving for college. Through Friday (May 31), MET is providing a $50 match on up to 529 new Pay-As-You-Go contract purchases, as well as waiving its $25 application fee.
529-plans are named after the section of the Internal Revenue Code that allowed for their creation allow families to save for college on a tax-free basis, and Michigan also offers a tax deduction on contributions. Beyond MET, other 529-plans administered by the Michigan Department of Treasury include the Michigan Education Savings Program and the MI 529 Advisor Plan, both of which offer a number of investment options from which families can choose