The difference in lifetime earnings between college and high school graduates is the largest in history. On average, individuals with bachelor’s degrees will earn $1 million more during their lifetime than workers with only high school diplomas.
Southwest Michigan residents can help a child’s chance for a long and successful career by giving them the gift of higher education.
There are two different college savings plans to choose from. The Michigan Education Trust (MET) is a prepaid plan that guarantees tuition and fees at Michigan public colleges while the Michigan Education Trust Plan (MESP) is a savings plan that allows families to save for tuition, room and board, and more. Both plans provide tax-free growth and a state income tax deduction for Michigan taxpayers.
People who want to donate to a child’s MESP college savings plan as a gift this holiday season will have an easier time under a new e-gifting program. It allows account holders to send friends and family a pre-written email that directs them to a page where they can give $25 or more to the child’s account.
Residents wishing to give and those wanting to set up an account for their child should visit the plan’s website at http://www.misaves.com. Click on “Give a Gift” to access more information.
The site allows gift-givers to print a gift certificate to give to the child.
I encourage Michigan families to consider giving the gift of education. It is easy to do and it’s a gift that can help open the door to a world of opportunities for a loved one.