Thinking about MET, but you’re just not sure? This Q&A helps break it down

If you’ve got questions, MET has answers

Think you can't afford it? Think again.

Saving for college can seem pretty overwhelming.

But it doesn’t have to be so daunting.

There are plans out there that help making it manageable.

Take, for example, MET -- Michigan’s original 529 college tuition savings plan.

After nearly 30 years, it’s still considered one of the best ways to save for college, MET officials said.

Do you have questions or concerns about MET? It seems that many people do, so education experts wanted to help break some of those down. They gathered the most common -- yet relevant and timely -- questions people have about MET, and put them together in one short video, which you can watch above.

Here are some of the key points.

‘What if I can’t afford to start a MET contract?’

MET has flexible payment options. You don’t need a large lump sum to get started.

Family, friends and others can even contribute -- making it a perfect gift for birthdays and holidays.

‘Won’t having a MET contract affect our ability to get financial aid?’

Not as much as you might think. MET officials said you may have to include the value of your MET contract as an asset on your FAFSA form. But the benefits of purchasing college college credits at today’s rate, far outweighs the impact it will have on your financial aid.

‘What happens if my child gets a scholarship?’

That would be so exciting.

Fear not, your MET contract can be easily transferred to a sibling, or even refunded.

“What happens if my child goes to college out of state, or doesn’t want to go to college?”

For an out-of-state college selection, refunds can be directed to the college of your choice.

If your high school student is thinking of opting out of college, the contract can be transferred to an immediate family member or even terminated for a refund.

‘I already have an MESP account. I don’t need a MET contract.’

MESP, by the way, is the Michigan Education Savings Program. It was introduced in 2000, but not as a replacement for MET, officials said.

They’re both 529 plans and both great ways to save for college, but they work differently.

As mentioned, MET allows you to purchase actual college credits at today’s prices, which your kids will use after they graduate from high school. An account with MESP is an investment that works similarly to an IRA or a 401(k).

Some people even have both, using MET for tuition and MESP for administrative fees, room and board, books and more.

So think of them more like going hand in hand, and not competing with one another.

‘I don’t know how to start.’

MET is ready to help.

To learn how to start saving for tuition in the future, visit