Michigan's 529 College Savings Plans to host information sessions

Oakland County families will have opportunities to learn about saving for college during free drop-in informational sessions hosted by the Michigan Department of Treasury’s Section 529 college savings plans at three locales during March.

Representatives from the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) will discuss the features and benefits of each plan and offer general tips to educate parents, grandparents and others on saving for college.

Sessions will be offered:

• Wednesday, March 22, from 3 to 8 p.m. at the Troy Public Library, 510 W. Big Beaver Road.
• Tuesday, March 28, from 3 to 8 p.m. at the Farmington Community Library, 32737 W. 12 Mile Road.

Topics will include MET’s popular new Pay-As-You-Go option, which allows purchasers to buy contracts by credit hours rather than in semester increments. Attendees will also have the opportunity to purchase a MET contract and open an MESP account on-site. MET will waive the $25 enrollment fee during the sessions.

“We’re looking forward to providing information on all aspects of saving for college,” said Robin Lott, executive director of both 529 plans. “With college tuition continuing to rise, it’s more important than ever for parents to get as early a start as possible on building college savings for their children.”

Lott noted that MET’s Pay-As-You-Go option leaves the contract open to future contributions from parents, as well as other family members and friends. For MESP, parents can open an account for as little as $25, she said.