September 2020: College Savings Month

WHEREAS, due to the consistent decreased state investment in higher education, the constantly rising costs of higher education have out-paced both inflation and the growth of family income, posing a serious threat to the ability of our residents to ensure their children’s access to post-secondary education; and,


WHEREAS, the amount of student loan debt continues to rise, leaving college graduates with the ever-increasing burden of paying for their college education long after they have graduated; and,


WHEREAS, state and federal government agencies need to encourage savings and assist parents, grandparents, friends, and businesses as they seek to support the education of children, grandchildren, and others in need to help meet their higher education goals; and,


WHEREAS, a 529 plan is a tax-advantaged savings or investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild), named after Section 529 of the Internal Revenue Code and administered by state agencies and organizations; and,


WHEREAS, Michigan has been providing a prepaid tuition 529 program through the Michigan Education Trust (MET) for 32 years, a direct-sold investment-based 529 program through Michigan Education Savings Program (MESP) for 20 years, and a broker-sold, investment-based 529 plan through the MI 529 Advisor Plan (MAP) for 10 years; and,


WHEREAS, throughout this month, we encourage all Michigan residents to learn more about the 529 plans available and their benefits and research other ways to save for college;


NOW, THEREFORE, I, Gretchen Whitmer, governor of the State of Michigan, do hereby proclaim the month of September 2020 as College Savings Month in Michigan.