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Welcome to the November 2009 2010
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New MET Enrollment Period Underway Open enrollment for Michigan Education Trust (MET) contracts began Nov. 2 and continues through June 30, 2010. The MET program allows individuals to pre-purchase future tuition at today’s prices to be used at any of Michigan’s public colleges and universities. MET contracts are also portable to Michigan private and out-of-state institutions. During these uncertain times, it is even more important to plan for a brighter future. A MET contract is a smart way to make the most of college tuition savings and gain peace of mind in planning for your child or grandchild’s education. MET offers three contract options: Full Benefits, Limited Benefits and Community College. With MET, you can purchase credit hours for one or more semesters and convenient payment options are available. Purchasers will also receive a state income tax deduction for the total MET contract price, including enrollment fees. Enroll online at www.SETwithMET.com or call 1-800-MET-4-KID (800-638-4543). MET Makes the Perfect Holiday Gift Are you looking for the perfect holiday gift and a way to reduce your tax
bill? The gift of a college education will last them a lifetime. Purchase a contract before Dec. 31, 2009, and you will be able to deduct the total contract price, including enrollment fees, on your 2009 state income tax return. Learn more at www.SETwthMET.com. How Does a MET Contract Affect Eligibility for Financial Aid? It’s the season for students to apply for college admission. Many families will also be filling out the Free Application for Federal Student Aid (FAFSA). Since 2006, the FAFSA formula has recognized MET contracts as a parental asset in determining need-based federal financial aid. This is advantageous for students seeking aid since the need analysis calculation assumes parents will contribute a smaller portion of their assets than the child. Parental assets are assessed at a rate of 6 percent* or less compared to a 20 percent rate for student assets. The older the parent the fewer assets are included in the formula. For more specific information about how MET affects financial aid eligibility, call 1-800-MET-4-KID (800-638-4543). *Percent rounded to nearest whole number. |
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