Deadline fast approaching for chance to win $1,529 toward college tuition from Michigan Education Trust

The Michigan Education Trust (MET) is reminding families that they have through May 31 to enter for an opportunity to win $1,529 worth of prepaid tuition in the MET 529 Awareness Week Sweepstakes.

The state’s prepaid tuition program also is continuing to waive its contract enrollment fees through the end of the month as part of its celebration of Michigan’s MET 529 Awareness Week, observed the week of May 29 to highlight the importance of meeting college savings goals.

The week of May 29 – or 5/29 – was chosen because MET and other college savings programs administered by states are known as 529 plans, named after the section of the Internal Revenue Code that allowed for their creation and tax benefits.

“And to top it all off, it just so happens that the number ‘29’ has specific, special meaning for MET this year: MET is in its 29th year of helping families make their college dreams come true,” said Robin Lott, the program’s executive director.

With the 529 Awareness Week Sweepstakes, MET is extending its focus on promoting college savings beyond the traditional single 529 Day. And for the entire month of May, MET is waiving its $60 mail-in and $25 online contract application fees. Contract purchasers should use coupon code MET529WEEK to waive the fee during online enrollment and put it on the signature page of mail-in contracts.

Participants may enter the MET 529 Awareness Week Sweepstakes until 11:59 p.m. on May 31 by completing an entry form at www.SETwithMET.com. They may also mail their name and address to MET 529 Awareness Week Sweepstakes, c/o Güd Marketing, 1223 Turner St., Suite 101, Lansing MI 48906.

Mail-in entries must have a postmark of no later than May 31. One entry per household is allowed.

On or about June 2, MET will randomly draw a winner who will receive $1,529 toward a new or established MET Pay-As-You-Go limited-benefits contract. The winner may designate a Michigan beneficiary of his or her choice.

MET’s Pay-As-You-Go option allows purchasers to buy contracts by credit hours rather than in semester increments, lowering the initial cost of establishing a MET contract and eliminating a potential hurdle for some families.

Another key Pay-As-You-Go feature is that it leaves the contract open to additional contributions, unlike a regular lump-sum purchase, which is closed and cannot be added to in the future. Once they purchase the initial credit hour, Pay-As-You-Go contract holders can make additional contributions in increments as small as $25, and friends and family members can also contribute to the contract.

A 529 plan is a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses of a designated beneficiary. MET, for example, offers Michigan taxpayers a state income tax deduction on contributions and potential tax-free growth on earnings if account proceeds are used to pay for qualified higher education expenses.

More information about MET is available at www.SETwithMET.com or 800-MET-4-KID.

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 contract refunds can be used at out-of-state and Michigan private colleges and universities, or contracts 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.