DETROIT (WWJ) - With college tuition rising nearly eight percent, how will students and those who desire to be students survive?
The Michigan Education Trust or MET is helping by sending out a reminder, the deadline to pre-purchase college credits at the current rate is June 30th.
WWJ’s Chrystal Knight spoke with an expert who says there is a way. Robin Lott is Executive Director of the Michigan Education Trust. “It provides an opportunity for parents to lock in at today’s rates’ which is based on the fall 2010 rates between now and June 30,” Lott said.
“The wonderful thing is whatever you decide to purchase including that processing fee, is tax-deductible on your Michigan income tax form, you know, sort of A win-win, and then the funds grow tax deferred, so you don’t pay taxes on the earnings as long as the child goes to college and uses those funds,” said Lott.
MET officials say, tuition on average rises about 7.3 percent annually … and this is a way to better plan for the future.
To find out how to register for MET and lock in today’s college tuition rates click on here. You can also call 1(800)-MET-4-KID or 1 (800) 638-4543.