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Copy of book.gif (2209 bytes)  Chapter 1 - History of Qualified State Tuition Programs

In his January 1986 State of the State Address, Michigan Governor James J. Blanchard proposed that Michigan adopt a state-run prepaid tuition program " designed to help parents guarantee to their children the opportunity of a Michigan college education". Such a program would address the concern that many had about soaring tuition costs during the first half of the 1980s. The result of this proposal was the Michigan Education Trust, developed in 1986 as the first program of its kind, with which any resident of Michigan could pay a stipulated amount into the trust to cover the future tuition of a particular beneficiary.

…. The future is assuredly bright for QSTPs. New programs are springing up all around us, and any state that still lacks a program will continue to feel the "peer pressure" to get one going. Substantial dollars are beginning to find their way into QSTPs. Public awareness is increasing as the financial press becomes more alert to this option and bigger advertising dollars begin to be spent.

The newer programs tend to have better features than the programs that have been around for several years. As people come to realize that they have a choice, "program shopping" will become more prevalent and some states will find many of their citizens jumping the border to obtain better perceived benefits with another state’s program. There will be many individuals who have already enrolled in QSTPs that later seek to change programs, either by requesting refunds (and paying any penalty) or by rolling over their accounts from one program to another.

 

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