Michigan Education Trusts increase at CMU
Brad Gentile will be graduating in December with no student loan debt.
The Woodhaven senior is one of many beneficiaries of the Michigan Education Trust, a program which his parents took advantage of when he and his brother were young.
“My parents weren’t sure about it when my brother and I were young, but they ended up getting it,” Gentile said. “Everyone that did it says it was the best investment they ever made.”
Brad is one of approximately 1,000 students at Central Michigan University who are enrolled in the program, according to Amber Loomis, manager of the Student Service Court in the Bovee University Center.
“That number is up from previous years,” she said. “In 2005, we had about 700 students.”
Loomis, who worked for MET before coming to CMU said benefactors may purchase education credits by the semester or for the full cost of college.
“You’re purchasing credit hours at today’s cost and then that cost locks in for the future,” she said.
MET allows for the pre-purchasing of college credit hours at any Michigan public university or college. The only eligibility requirement is that the beneficiary of a MET contract must be a Michigan resident. Similar programs are available in other states, and MET credits are transferrable to some of those programs.
MET’s current tuition rates expired Aug. 31, and enrollment is now closed for a period of time.
“During this time, staff will be loading in recent enrollments,” said Terry Stanton, Public Information Officer for the Michigan Department of Treasury. “We could be receiving paperwork in the mail all the way through the 18th or 19th of September.”
Stanton also said this time is used to re-evaluate costs.
“There will likely be a new pricing structure,” he said. “The enrollment periods vary, but evaluation is generally done this time of year.”
Loomis said she hopes more and more people take advantage of the program.
“I think it’s a wonderful program. Tuition has been steadily increasing 3 to 7 percent each year,” she said. “I just can’t think of any investment that would match that.”
