LANSING, Mich. (WILX) - Before you head to the mall to shop for toys or games, consider giving a gift towards someone's education.
That's the message from the Michigan Education Trust (MET).
They are reopening enrollment for the state's 529 prepaid tuition plan on December 1, and giving in December means you can also qualify for a deduction on Michigan tax returns.
“The reopening of enrollment is perfectly timed,” said Robin Lott, executive director of the 529 prepaid tuition program administered by the Michigan Department of Treasury. “Not only does it give grandparents and others the opportunity to contribute to a child’s future college education – the gift that lasts a lifetime – but it also allows them to meet the deadline to qualify for a Michigan tax deduction.”
Gift givers can buy a new MET tuition contract in a child's name or contribute to an existing one.
MET was closed for enrollment in order to review and adjust pricing. At this time, the program will not raise its prices and purchase prices will remain unchanged until May 1, 2019.
Then, the price will go up 3% for full- and limited-benefits contracts and 7% for community college contracts. These prices will remain in effect through Sept. 30, 2019.
For more information about MET, go to SETwithMET.com or call 800-MET-4-KID.