General Information

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Michigan Education Trust

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.

Our Ratingx

Fee Scorex

4 of 5

Performancex

N/A

  • Program typePrepaid contract
  • Enrollment periodThe Enrollment Period to purchase MET contracts is December 1, 2018 - September 30, 2019.
  • Inception1988
  • State agency
    MET Board of Directors and Department of Treasury
  • Tax deduction

Ratings & Rankings

Our overall rating for MI residents

This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.

Our overall rating for non-residents

This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories.

Financial Benefits

3.00

Features

3.00

Safety

4.00

Reliability

3.00

Eligibility

State residency requirements:

Who can be a participant/owner in the program?

Significant time or age restrictions imposed by the program:

Contributions

Minimum contributions:

Contractual Features

Contract prices:

Available tuition packages:

Benefits for beneficiary attending private or out-of-state institution:

Contract payment options:

Are program benefits backed by the full faith and credit of the state?

Are program benefits collateralized or guaranteed in any other way?

Fees & Expenses

Enrollment or application fee:

Taxes and other Benefits

  • Tax deduction for single filers$5,000/yr
  • Tax deduction for joint filers$10,000/yr

Example

Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.

Program match on contributions:

State tax deduction or credit for contributions:

State tax recapture provisions:

State tax treatment of qualified distributions:

State tax treatment of rollovers:

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

Does the program have a formal agreement with a rewards program or outside scholarship program?

Upromise Helps Families Save for College

Upromise Helps Families Save for College

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Account Changes

Policy regarding participant/owner changes:

Contact

Website:

Telephone:

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