The Michigan Education Trust, a prepaid tuition savings program, helps Michigan families pay for future education at today’s tuition rates. Over its 37-year history, MET has helped more than 105,000 students work toward their education goals.

Beginning this year, the program is becoming more accessible with a new $25 minimum enrollment contribution. This replaces the previous requirement to purchase at least one credit hour to start, which generally ranges between $200 and $800.

In a news release, MET Executive Director Diane Brewer said the change is designed to make MET plans more attainable for working families.

“By lowering the startup cost, we’re making it possible for more families to invest in their children’s futures or enroll more than one student at a time,” she said “This move reflects MET’s longtime mission to ensure every Michigan child has a fair chance at higher education, regardless of their family’s financial situation.”

MET plans offer flexibility, allowing families to purchase credits for tuition at any in-state public university or community college or even put the funds toward private or out-of-state institutions.

The program also provides tax benefits. Payments made are deductible on a purchaser’s Michigan income tax form in the year they are made.

MET is specific to tuition; it does not pay for room and board or books. Depending on the beneficiary’s choices, MET provides:

— Prepaid tuition and mandatory fees at any Michigan public university and community college upon admission.

— Funds from a terminated METs can be directed to a Michigan independent (private), out-of-state college or trade school.

— Refunds can be made if a beneficiary decides not to attend college.

Also, an MET can be transferred to immediate family members, including siblings and cousins.

For more information, go to https://www.michigan.gov/setwithmet.