2008-12-25 / Court News

State pre-paid tuition gift benefits recipient, giver

If you're looking for a meaningful holiday gift, one that offers a state income tax deduction, get "SET with MET" by purchasing a semester or two of college tuition through the Michigan Education Trust prepaid tuition program. A MET contract locks in tomorrow's tuition at today's rate at any of Michigan's public colleges and universities. MET contracts are also portable to Michigan private and out-of-state institutions.

"MET is a sensible savings tool for parents, grandparents, and others who are looking to give a child a lasting, meaningful holiday gift that will be appreciated for years to come," said State Treasurer Robert J. Kleine. "An added bonus is the tax advantage that comes with a MET contract. Parents and grandparents who purchase MET are eligible for a 2008 state income tax deduction for the total contract price, including enrollment fees."

A special MET gift declaration can be printed online at the "SET with MET!" website and can be given to your child or grandchild to mark this special gift of a college education.

MET enrollment forms must be postmarked by Dec. 31 to be eligible for a 2008 Michigan income tax deduction. Several convenient payment options are available, including monthly payroll deduction. Enroll online or by mail. Just log onto www.SETwithMET.com.

Since its debut in 1988 as the nation's first guaranteed tuition program, MET has sold more than 87,000 contracts and now has nearly $1 billion in assets. Not only are MET contracts portable to Michigan private and out-of-state colleges and universities, they may be transferred to other eligible family members. Since 1988, well over 90 percent of high school graduates with MET contracts have gone on to attend a college or university.

For information about the Michigan Education Trust, visit www. SETwithMET.com or call (800) MET-4-KID.

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