Michigan's Education Trust announced a referral program this month designed to boost participation in the state's 529 prepaid tuition savings program.
Existing MET customers who refer friends or family will receive $100 added to their accounts, while new customers who open a contract and make an initial contribution of $500 will receive a $200 bonus, the agency said. The program runs through September 30, 2026.
Governor Gretchen Whitmer has proclaimed September as College Savings Month in Michigan. According to state data, the average cost of tuition and mandatory fees at Michigan's public four-year universities has increased by approximately 46 percent over the past decade.
To qualify for the new-customer bonus, referrals must use an existing MET customer's contract number as a promotional code during enrollment. Referrals must be opened between September 1 and September 30. A person can refer up to five new customers for a maximum of $500 in referral bonuses.
Megan Patino, executive director of the Michigan Education Trust, said the program aims to encourage current customers to share information about the savings plan. "The sooner you start saving, the less you will have to worry about rising higher education costs," Patino said.