College Savings

State Pre-paid

Michigan Education Trust

In 1988, Michigan became the first state in the nation to offer a prepaid college tuition program. Many states have followed suit. Since it began, MET has sold 82,491 contracts and has assets of $1 billion.

MET contracts allow for full payment up front or for repayment plans over four, seven, 10 and 15 years. Unlike stock market-based programs that may or may not produce enough income to cover college costs, MET guarantees it will cover the full costs of in-state tuition and mandatory fees at any of Michigan’s 15 universities or its 28 community colleges.

To date, MET contracts have paid for the college education of more than 29,000 students. To get details on costs, repayment options and answers to other questions, visit the MET Web site at http://www.michigan.gov/setwithmet.

Ohio Tuition Trust Authority

Families purchase prepaid “tuition units.” Each tuition unit equals 1 percent of the average Ohio public university tuition the year it is redeemed. The cost for one year of tuition at the average-priced Ohio public university will be covered by purchasing 100 units. Or, the same 100 tuition units would cover approximately two years of tuition at an Ohio community or technical college. A maximum of 1,400 tuition units can be purchased which would cover four years of tuition at average-priced private colleges and universities. An important feature of the Ohio Prepaid Tuition Program is the fact that you can use prepaid tuition at any college or university in the country.

Families can make monthly purchases for as little as $15 per month through automatic cash transfers from a bank account or payroll deduction. During the enrollment period, families can save even more on prepaid tuition by making volume purchases at discounted rates based on the age of the child and the amount of units purchased.

There are currently 58,200 Ohio children in the program and total program assets are over $270 million. Call 1-800-AFFORD-IT (233-6734) to receive enrollment materials or visit our web site at http://www.CollegeAdvantage.com.