529 day is a reminder to put money aside for college

Posted at 9:23 AM, May 30, 2018
and last updated 2018-05-30 09:23:35-04

A 529 plan is a savings plan made to encourage people to save for future college costs.

Tuesday, May 29 was declared 529 Day in Michigan by Gov. Snyder. This is to encourage all Michigan residents to learn more about 529 college savings plans. Michigan Legislators created the Michigan Education Trust in 1988, it was the nation's first prepaid tuition program.

Tuesday the MET, the Michigan Association of State Universities, and state legislators met at the Capitol where they announced results from a survey of Michigan residents. The report indicates that only half of parents in Michigan with college-bound children are saving money for their children's future education.