College & Career

Michigan

Michigan Education Trust
5 Cap Ratings
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Summary

The Michigan Education Trust prepaid tuition program offers several options to the Michigan family to lock in tuition at Michigan public institutions. What makes this program different than most is that contributions are irrevocable.

Program Details
  • Summary: The Michigan Education Trust prepaid tuition program offers several options to the Michigan family to lock in tuition at Michigan public institutions. What makes this program different than most is that contributions are irrevocable.
  • Program type: Prepaid contract
  • Enrollment period: The Enrollment Period to purchase MET contracts is December 10, 2015 - September 30, 2016.
  • State residency requirements: The beneficiary must be a Michigan resident at the time of program enrollment.
  • Contract prices: 2015-16 Enrollment:
    MET contracts offer three purchase options: Lump Sum, Pay-As-You-Go, and Monthly.

    The Pay-As-You-Go option allows purchases of credit hours. From December 10, 2015 to April 30, 2016, prices range from $106 per credit hour for a community college contract to $571 per credit hour for a full benefits contract. From May 1, 2016 to September 30, 2016 prices range from $109 to $583.

    Monthly purchases are available in four, seven, ten, and fifteen year increments, depending on the age of the beneficiary. From December 10, 2015 to April 30, 2016 payments range from $14 for community college benefits (newborn to age 3) to $1,640 for full benefits (newborn to 8th grade). From May 1, 2016 through September 30, 2016, prices range from $14 to $1,672.

    For the period of December 10, 2015 through April 30, 2016, lump sum prices range from as little as $1,596 for a one-semester community college contract to as much as $68,512 for a four-year full benefits contract. From May 1, 2016 to September 30, 2016 prices range from $1,628 to $69,880.

  • Are program benefits backed by the full faith and credit of the state? No
  • Are program benefits collateralized or guaranteed in any other way? No
  • State tax deduction or credit for contributions: Contributions to the Michigan Education Trust are fully deductible from Michigan taxable income. Rollover contributions are not eligible for the deduction, according to the Michigan Department of Treasury.
  • Web site: Click here to visit
  • Telephone: 1-800-638-4543
  • Twitter
  • Facebook mieducationtrust
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