If it seems like just yesterday your child was born, ask any parent whose son or daughter began college this past month just how quickly those first 18 years go by. Practically overnight, it’s time to pay college tuition.

That’s why it’s important to begin saving for higher education when children are young. It’s also why each September during College Savings Month, the Michigan Education Trust (MET) prepaid tuition program educates parents on the importance of saving for college and how acting today can pay off tomorrow.

Have you ever wondered if higher education is worth the cost? If so, consider the differences in earning potential for college graduates versus high school graduates. According to the College Board, a college graduate is likely to earn over $1 million more than a high school graduate over the course of a lifetime. Today’s children cannot afford not to continue their education after high school; but the dilemma for parents is, at what cost?

College tuition has escalated at an alarming rate in recent years. Last year alone, the average tuition increase was 7.3 percent and there’s no end in sight.

However, there is a way to lock in tomorrow’s tuition at today’s cost by purchasing a MET contract. A MET prepaid tuition contract puts a stop to tuition increases and guarantees tuition at any of Michigan’s public colleges and universities. With MET, you simply buy credit hours for one or more semesters, and you never pay more for college tuition than it costs today.

Since 1988, MET has sold more than 83,000 contracts and has offered peace of mind to thousands of parents looking for smart ways to save for college. However, it can be difficult for parents of small children to commit to a prepaid tuition plan when they don’t know if their children will even go to college, let alone know which college or university they will attend. We asked MET parents to respond to these concerns.

What if my child does not attend college?

“We liked MET’s provision for a refund if the child is unable to attend college, since we weren't sure at the time we bought our MET contract whether our daughter’s health problems would allow her to attend college full time – or at all,” said Karen Sue Foster, from Sandusky.

When a student with a MET contract reaches 18 years of age or receives a high school diploma, he or she has the option of transferring the contract to an immediate family member or terminating the contract to obtain a refund paid to the refund designee.

What if my child wants to attend a private college or out-of-state college or university?

“We did the math and were pretty sure MET was a safe gamble even if we moved out of state,” said Diane McCausey, whose family relocated to Florida after purchasing their MET contract.

“Even though our son did not get the in-state tuition rate at Florida State University, MET paid for all four years of his tuition. I believe it cost about $7,000 for Matt's contract, and we have received approximately $20,000 of tuition benefits.”

Right now nearly 18,000 students are currently using MET benefits. These students are enrolled at Michigan public universities and colleges, as well as Michigan private colleges and more than 1,046 out-of-state institutions.

The McCausey family learned firsthand that MET contracts are portable. MET provides termination and refund provisions if the student chooses to attend a Michigan private college or an out-of-state college or university. While MET does not provide full tuition at those institutions, it does provide a refund amount based on the average cost to attend Michigan public colleges.

If history is any indication, it will cost significantly more for tuition in coming years than it does today. If you believe peace of mind is knowing just how far today’s dollars will go toward future college tuition, you should consider adding a MET contract to your college savings portfolio.

“MET is by far the best way to take the worry out of planning for your children’s education,” said Jim Steiger, parent of a Central Michigan University sophomore and a University of Michigan nursing graduate.

“The sooner you commit the money to your child's education, the less it will cost in the long run,” added Karen Sue Foster. “I would encourage parents, grandparents and anyone who wants to help a child with college costs to look into their options right away and to seriously consider MET. It met our family’s needs, and it may meet theirs, too.”

Every dollar you save is one you don’t have to borrow and repay with interest. Kids grow fast. If you’re the parent or grandparent of a young child, there’s no better time to begin saving for college and lock in tomorrow’s tuition at today’s rate with a MET contract.

		Robin Lott is executive director of the Michigan Education Trust.