By MELANIE TRUSTY
Capital News Service
LANSING—A Westphalia mother wants to secure her 2-year-old daughter’s future
education the way her parents did -- with a Michigan Education Trust Fund contract.
Corie Weber recently bought her daughter a MET contract because the 20-year-
old program helped Corie’s parents send her to Lansing Community College and
“It was an excellent experience for myself, and I wanted to give it to her for the
future,” Weber said.
Weber said she bought a two-year contract and will be paying for it stretched over
The MET Fund has topped the $1 billion mark in assets, an amount that ensures
the program is financially stable, said Terry Stanton, a public information officer for the
“This is a significant milestone,” said Stanton.
MET was the first prepaid tuition program in the country, Stanton said. The
program was started in 1988.
The benefits cover tuition for public and private universities and community
It is the only such program that allows purchasers to deduct the amount paid each
year for a contract and the estimated $65 enrollment fee from their income taxes, he said.
Stanton said the number of contracts purchased annually from 2005 to 2007 has
remained steady, an average of 3,440.
Under current rates, for example, a two-year full benefits contract for a newborn
would cost $184 a month for 15 years. Contract prices depend on the age of child and
time of purchase.
He suggests saving as early as possible for the future because of the rising cost of
“You’re using today’s cost to pay for tuition in the next decade,” Stanton said.
Robin Lott, executive director of the MET program, said most contracts are
purchased for children entering elementary school.
And more parents are acknowledging a need for a college savings fund, Lott said.
Anyone can purchase a contract for a Michigan child, Stanton said. MET offers
three prepaid tuition contracts: full benefits plan, limited benefits plan and community
college plan. Payments can be made in one lump, monthly installments and by semester.
For more information, see www.SETwithMET.com