Michigan Education Trust shines spotlight on saving for college with sweepstakes, Facebook promotion

To help highlight the importance of saving for college, the Michigan Education Trust (MET) is giving families an opportunity to win $1,529 worth of prepaid tuition through its MET 529 Awareness Week Sweepstakes and is temporarily waiving its contract enrollment fees.

The Michigan Department of Treasury’s 529 prepaid tuition program also is encouraging families to share their stories about saving for college on the MET Facebook page – with the goal of inspiring others to begin preparing for their children’s higher education.

The various activities are part of MET’s celebration of Michigan’s MET 529 Awareness Week, observed this year the week of May 29 to encourage families to meet their 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.

“You might say our mission is to help college dreams come true,” said Robin Lott, MET executive director. “Michigan’s MET 529 Awareness Week gives us an opportunity to have a bit of fun while delivering an important message: As tuition costs continue to rise, it’s becoming even more beneficial for families to save as much as they can as soon as they can.”

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 now through 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. Only 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.

Sweepstakes participants are also encouraged to share their stories regarding college savings at www.facebook.com/mieducationtrust.

“They might have some tips that could prove helpful to other families, maybe they’re looking for advice, or maybe they’re just seeking support from fellow savers,” Lott said. “Whatever their motivation, we’re hoping to generate a lively discussion centered on college savings.”

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.