NEWS RELEASE
MICHIGAN EDUCATION TRUST
*************************
The Michigan Education Trust (MET), the state’s 529 prepaid tuition savings program, is making opening a college savings account more accessible than ever with a new $25 minimum enrollment contribution beginning in 2025, replacing the previous requirement to purchase at least one credit hour to start.
This groundbreaking change is designed to make MET plans even more attainable for working families, furthering MET’s commitment to fostering educational opportunities for all Michiganders.
Since its inception in 1988, MET has helped thousands of Michigan families pay for future education at today’s tuition rates, ensuring that higher education remains within reach for everyone. Over its 37-year history, MET has grown to become one of the most successful prepaid tuition programs in the nation, helping more than 105,000 students. MET offers families peace of mind as they save for their children’s futures.
“By lowering the startup cost, we’re making it possible for more families to invest in their children’s futures or enroll more than one student at a time,” said Diane Brewer, MET executive director. “This move reflects MET’s longtime mission to ensure every Michigan child has a fair chance at higher education, regardless of their family’s financial situation.”
MET has changed the trajectory for thousands of Michigan families, opening doors to higher education that might have otherwise seemed out of reach.
Brewer pointed to the many participants over the years — notably a significant number of first-generation college graduates — who have shared how their parents’ decision to save with MET set them on a path to academic and professional success.
MET’s new $25 minimum contribution is a game changer for Michigan families who may have previously had difficulty coming up with the startup cost of a full credit hour, which today generally ranges between $200 and $800. One such example is Meaghan Mitchell, a mother from Saginaw County, who has long wanted to invest in her young daughters’ education but couldn’t afford the initial cost.
“I’ve always known about MET and how valuable it could be for my kids’ future,” Mitchell said. “But as a working mom, the startup cost for a full credit hour just wasn’t something I could spare. This change makes all the difference. Now, I’m finally able to open METs for my daughters, knowing that their college savings will grow and be secure no matter what happens with tuition costs.”
Mitchell, whose daughters are both under the age of seven, views this opportunity as an investment in their future. “It’s the ultimate gift,” she added. “I can’t wait to start building their education savings in a way that’s manageable for my family.”
MET plans offer flexibility, allowing families to purchase credits for tuition at any in-state public university or community college or even put the funds toward private or out-of-state institutions. The program also provides valuable tax benefits.
Brewer said MET’s decision to reduce the initial contribution amount underscores Michigan’s broader dedication to educational affordability and accessibility, ensuring a brighter future for all families in the state.
Families interested in opening a MET or learning more about the program can visit MET’s website. Enrollment for the $25 minimum begins immediately.
*************************
