A new survey conducted by the Michigan Education Trust found that while most Michigan parents view a college education as an investment in their child’s future, only about half are currently saving for higher education expenses. Saving for your child’s higher education is the best way to set them up for a successful future, and it doesn’t have to be complicated with the MET 529 prepaid tuition plan.
- 91% of Michigan parents view college as an investment in their child’s future.
- 54% of Michigan parents are saving for college.
- 5% of parents believe they will not need college savings.
The majority of parents understand the importance of saving for their child’s college costs, yet only about half are actually doing it. A MET contract will help ensure that your child will be able to attend and afford their college of choice, even if it is out of state. If your child lands a scholarship that covers the cost of their education, or if they choose not to attend college, the MET contract can be terminated and refunded. A MET contract is an all-around great solution for the rising cost of college.
- 63% of non-savers say that not having enough money is the cause.
- 77% of Michigan parents are willing to stretch themselves financially to ensure their children can attend college.
Finding the money to save for college can seem daunting, but it doesn’t have to be. MET offers different contract options that allow parents to save in ways that work for them. If a lump sum plan is out of reach, there are monthly plans and a pay-as-you-go plan that may fit your financial needs. Each credit you buy while your child is young will save you money in the long run because you’ll be buying them at a lower rate.
Saving for college can be overwhelming, especially as your child gets closer and closer to their high school graduation date. But, if you start saving when they are young, it can be easier with smaller payments that add up over the course of their entire childhood. Start saving for your child’s future as early as you can to save yourself the worry later.
- 57% of non-savers feel overwhelmed about saving for college. Of those parents who are saving, 50% started when their oldest child was between 0 and 3 years old.
- 84% had started saving by the time their oldest was 10 years old.
Types of payment options
The current enrollment period ends September 30, 2018. MET lets you buy in-state college credits at today’s rates in these three convenient ways:
Pay-As-You-Go plan
Buy at least one credit hour for any age. After that, add $25 minimum at any time.
Lump sum plan
Buy semester(s) (15 credits/semester) for any age.
Monthly plans
Commit to buy one semester(s) of college over four, seven, 10 or 15 years.
MET is a state-sponsored 529 prepaid tuition plan that lets parents, grandparents, businesses and others prepay undergrad tuition for Michigan children. It’s a “529” plan, which simply refers to a federal IRS code that means it’s exempt from state and federal taxes. Learn more at MET4College.com.
