LANSING, MI – Matt Morawski and Sarah Mayberry Morawski both benefited from their parents setting aside money for their college education through the Michigan Education Trust.
And on June 6, the trust awarded them money for their own kids’ college tuition.
The Morawski family of Canton won a grand prize of $1,529 in prepaid tuition through the MET 529 Awareness Week Sweepstakes. The Michigan Education Trust is a 529 college tuition program administered by the state Treasury.
The 529 prepaid tuition program allows families to lock-in future tuition at the current rates for any public Michigan university or college. The cost of the tuition contract is eligible for a state tax deduction, and the money saved in the account is tax-exempt as long as it’s spent on higher education expenses.
More than 96 percent of high school graduates with MET contracts have attended a college or university, according to a press release from the state Treasury.
Matt Morawski said the sweepstakes prize is much appreciated as he and Sarah continue to build college savings for their three children: Addy, 7, William, 5, and Jack, 1.
“With three kids, college is a big fear of mine,” Matt said in a press release.
“We’ve just kind of been setting money aside for college and deciding exactly what to do with it.”
The Michigan Education Trust offers a “pay-as-you-go” tuition contract that allows participants to pay by the credit hour, rather than in semester increments. That lowers the initial cost of starting a MET contract and eliminates a potential hurdle for some families.
Once families purchase the initial credit hour, pay-as-you-go contract holders can make additional contributions in increments as small as $25, and friends and family members can also contribute to the contract.
The Morawskis, who both work as producers at Detroit television station WDIV, used Michigan Education Trust contracts started by their families to pay for their undergraduate tuition. Matt attend Wayne State University and Sarah attended the University of Michigan.
They completed their undergraduate degrees without going deep into debt, Matt said.
If a student does not end up attending a public Michigan college or university, MET contract refunds can be used at out-of-state schools and private colleges or the contracts can be transferred to eligible family members.
More information about MET is available at www.SETwithMET.com or 800-MET-4-KID.