Give Mom a Mother’s Day Gift That Lasts Longer Than Flowers

With Mother's Day approaching May 10, moms everywhere will be celebrated with cards, flowers and dinner out for everything they do to provide a better life for their children.

For less than the cost of those gifts, Michigan families can give mom a gift that will last longer than flowers and ensure a brighter future for her children.

Through the Michigan Education Trust (MET)-Michigan's Section 529 prepaid tuition savings program-families can start a plan for as little as $25 and purchase future college tuition at today's rates, creating a clear path toward postsecondary success for their children.

MET is administered by the Michigan Department of Treasury.

"Mother's Day is a powerful reminder of the hopes and dreams parents carry for their children," said Megan Patino, executive director of MET and mother of two. "One of the most meaningful ways to honor that love is by investing in a child's future. Saving with MET helps families turn aspiration into action by making higher education more attainable and affordable."

Like most parents, Kay Knight and Ronnie Parker of Albion had specific hopes and dreams for their children.

"I was raised to survive when I was younger," Parker said. "We wanted our children to thrive. We wanted our children to have a different kind of life and have the opportunities we did not."

A friend told Knight about MET and, after convincing a skeptical Parker that it was a good idea, they started a plan for their two daughters, Kelci and Jadzia.

"I was reluctant (about MET) because at that time I was making decent money and we could take care of our son Kellyn's education," Parker said. "But I knew there would be some changes after I retired. We needed to make sure that we were prepared for college and everything was taken care of for our daughters."

Parker said it was easier than he thought.

"We had the contributions taken out of my monthly paycheck so it was not part of our budgeting," Parker said. "We did not count on that money so we did not miss it, and MET can tell you how much you will have at the end of the plan (based on your contributions)."

The planning and MET worked.

All three of their children graduated from the University of Michigan without debt and became very successful in their chosen careers.

"Our children now have similar plans for our grandchildren," Knight said. "This is a thoughtful way to plan for the future and get tuition costs at today's rate because education costs will go higher over time."

Knight said that gifts and celebrations are great, but investing in a 529 plan may be the best thing anyone can do for their children.

"Even if parents cannot afford to participate in MET, they need to know that instead of doing a lot of little things, they should encourage grandparents and aunts and uncles to invest in a 529 for their children," Knight said.

Investing with MET

Anyone can contribute to a child's MET plan, including grandparents, aunts, uncles, friends and others. Once the plan is opened, additional contributions can be as low as $25.

The 529 plan also has tax advantages. For instance, distributions from MET are not taxed by the state or federal government when it comes time to pay for qualified higher education expenses. Michigan residents who are MET contract holders may be able to claim a state tax deduction on the total contributions they make during a calendar year.

Contributions to an existing account can be made at any time during the year through MET's secure online pay site. MET gift declarations also allow contributors to print out certificates of their contributions designed for holidays, birthdays, graduations and more that can be put in a card or gift wrapped.

Since its inception in 1988, MET has helped more than 105,000 students by providing a reliable way to save for future education expenses. Over its 38-year history, MET has come to be recognized as one of the more successful prepaid tuition savings plans in the nation.

Families interested in opening a MET or learning more about the program can visit MET's website.

About MET

MET is Michigan's Section 529 prepaid tuition savings program that allows the purchase of future tuition at today's rates. The total contract price may be eligible for a state tax deduction and earnings are tax-exempt if used for qualified higher education expenses. MET funds can also be used to pay out-of-state and Michigan private college and university tuition, and credits can also be transferred to other eligible family members. If a student decides not to attend post-secondary education, refund options are available.