news release
michigan treasury
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LANSING — As a new mother, Michigan Treasurer Rachel Eubanks followed her department's advice on education savings Wednesday.
Eubanks, who gave birth to her daughter late last year, joined other parents, loved ones and college savers for a free drop-in information session at the Impression 5 Science Center in Lansing. The event was sponsored by the Michigan Department of Treasury, overseen by Eubanks, to raise awareness of college savings plans.
“I believe in these programs, not only in my professional capacity as Michigan State Treasurer, but also as a new mother who wants to secure her child's educational future,” Eubanks said. “We hope other new parents and loved ones of Michigan's youth will do the same. It's never too late to start saving.”
Investing in the Michigan Education Trust (MET) or Michigan Education Savings Program (MESP) can provide great value through tax benefits and long-term investment returns. Both programs provide Michigan tax deductions for donations. Additionally, funds used for qualified higher education expenses may be exempt from federal and state income taxes.
“There are few things more impactful and loving than helping children build the financial foundation to achieve their dreams and set them up for success,” Eubanks said.
The event was one in a series held regularly across the state to provide participants with the opportunity to purchase MET contracts and open MESP accounts locally. MET typically contributes $150 for each new prepaid tuition contract purchased for such sessions. Click here for rules and eligibility.
The MET also offers one-on-one consultation sessions for those unable to attend the event. For more information about MET, visit SETwithMET.com or call 800-MET-4-KID.
Representatives from MET and MESP will be at the event to discuss the features and benefits of each plan and provide tips for parents, grandparents, and others on saving for college.
“As parents strive to balance pressing needs throughout the year, the prospect of saving for college can be daunting,” said Diane Brewer, executive director of MET. Told. “That’s why we offer families a one-stop shopping event where they can easily gather information in a discreet and pressure-free environment.”
About MET:
MET is Michigan's Section 529 prepaid tuition program that locks in future tuition at current rates at the state's public universities. The total contract price is subject to state tax deduction. Earnings are tax-free when used for qualified higher education expenses. MET contracts are portable, and MET funds can be used to pay tuition at out-of-state and Michigan private universities. 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 a variety of investment options. It also provides Michigan taxpayers with a state income tax deduction on contributions and the potential for tax-free growth in earnings if account earnings are used to pay for qualified higher education expenses. MESP can be used at eligible universities, vocational schools, and vocational schools in Japan and some overseas. Eligible higher education expenses include tuition, fees, room and board, books, equipment, and supplies needed for enrollment. Restrictions apply. Please refer to the MESP Disclosure Booklet for more information.
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