Prepaid Tuition

By: AP
By: AP

LANSING, Mich. (AP) -- The Michigan House has voted to encourage nonprofit groups and others to buy into the state's prepaid college tuition program.
The legislation would let individuals, agencies and nonprofits get a tax deduction when buying Michigan Education Trust contracts -- without having to name a specific beneficiary.
And anyone setting up a Michigan Education Savings Program account could defer designating a beneficiary.
Backers say groups and municipalities wanting to buy tuition contracts were limited because a beneficiary must be named. The bill goes to the Senate, which has little time to act before the Legislature adjourns for the year.
With the MET program, parents know tuition payments are covered no matter how high tuition rises.


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