Gov. Whitmer Announces Michigan Education Trust Lowering Rates for Families to Make College More Affordable

Statement

Governor Gretchen Whitmer today announced that the Michigan Education Trust (MET) is lowering the rates of its contracts so families will realize significant savings the earlier they start saving for a college education.

"Today's decision by the MET Board lowers costs for working families and helps us put Michiganders first by empowering them to pursue their potential," said Gov. Whitmer. "On top of Michigan Reconnect, Futures for Frontliners and other initiatives, setting the MET contract prices lower today will help us achieve our Sixty by 30 goal to increase the number of working-age adults with a skill certificate or college degree to 60% by 2030 and put more Michiganders on a path to attain the education and skills they need to get better jobs and earn bigger paychecks. I applaud the MET Board for its action, and I urge any family interested in saving for education to start."

A prudent investment strategy over the last decade has resulted in a record surplus for the MET which can be used to invest in Michiganders. At their meeting on November 16, the MET Board of Directors unanimously agreed that the surplus should be used to help more Michigan children access a college education that will help them prepare to compete in a modern workforce and solve future challenges. MET last offered reduced pricing in 2007.

"We are constantly striving to deliver to parents, grandparents and others a safe, secure and flexible way to make sure their loved ones meet their higher education goals," said State Treasurer Rachael Eubanks, who also serves on the MET Board of Directors. "While the new price structure will make it easier for those with young children to save, MET will continue to provide families with older children advantages as they work and plan to help them pursue their dreams."

"As a dad with three young kids, I know that saving for college is a crucial investment for so many Michigan families," said Lt. Governor Garlin Gilchrist II. "A good education enriches a student's life, unlocks better jobs, and results in more lifetime income. Today's action by the Michigan Education Trust will make it easier for working families to save, helping them share in the prosperity we are working hard to build in Michigan and giving students throughout Michigan a chance to explore and live up to their full potential. Through lower MET contract prices and the fully funded Michigan Reconnect and Futures for Frontliners Programs, Governor Whitmer and I are committed to boosting the number of Michiganders with postsecondary degrees or certificates and helping every Michigander achieve their educational goals."

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