Neighbor News
Michigan's 529 college savings plans to stage free event in Troy
State experts will discuss college savings from 3-8 p.m. April 25 at Troy Public Library
The Michigan Department of Treasury’s Section 529 college savings plans, Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) are hosting a “Community Enrollment” event on:
· Monday, April 25, from 3–8 p.m. at the Troy Public Library, located at 510 Big Beaver Road, Troy, MI 48084
College savings experts from MET and MESP will provide the features and benefits of Michigan’s 529 college savings plans to educate parents, grandparents, and others about saving for college. Attendees will also have the opportunity to purchase a MET contract and open an MESP account. MET will waive the $25 enrollment fee.
Find out what's happening in Troyfor free with the latest updates from Patch.
“This is the perfect event for anyone who has questions about saving for college or need assistance with opening a MET or MESP account,” stated Robin Lott, executive director of MET. “With college tuition continuing to rise, it is important for parents to get an early start on a college savings plan for their children. MET offers three purchase options including a new Pay-As-You-Go option that allows purchasers to buy contracts by credit hours rather than in semester increments and leaves the contract open to future contributions. Once a contract has been purchased, friends and family can also make contributions to the contract. For MESP, parents can open an account for as little as $25.”
Find out what's happening in Troyfor free with the latest updates from Patch.
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. Limitations apply. See the MESP Disclosure Booklet for details.
