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MESP is among the lowest-cost 529 plans in the country, which can mean more money for college. A history of helping families meet their college savings goals. It takes only 15 minutes and $25 to start saving for college. Learn how the Michigan Education Savings Program works, its benefits and how the funds can be used.
Michigan offers several 529 college savings programs to assist you in saving for future college expenses. A 529 Plan is a tax-advantaged savings/investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild).
Want to begin investing with Michigan Education Savings Program? Enroll Now. Have an account, but have never logged on? Create a username and password.
MESP provides the maximum allowable 529 plan tax benefits available to Michigan taxpayers. When you contribute to an MESP account, any earnings can grow federal and Michigan income tax-deferred until withdrawn.
MET is a 529 prepaid tuition savings program which allows you to pay for future higher education at today's price. MET is flexible, transferable and even refundable. MET is specific to tuition, it does not pay for room and board or books.
Whether you have recently moved to the state, have an underperforming or higher-cost 529 plan, or just want to simplify, consolidating 529 accounts into MESP is easy.
Here are the special tax benefits and considerations for using a 529 plan in Michigan. Michigan offers a state tax deduction for contributions to a 529 plan of up to $5,000 for single filers and $10,000 for married filing jointly tax filers.
See the best 529 plans, personalized for you. The Michigan Education Savings Program is similar to other TIAA-managed 529 savings programs. The Program features an enrollment year option, six multi-fund options, five single fund options and a principal protection option.
Michigan offers a direct-sold 529 savings plan (MESP) and an advisor-sold 529 plan (MI 529 Advisor). Michigan also offers a prepaid tuition program (MET) open to Michigan beneficiaries.
To help you save, Michigan offers four options: 529 Basics. A 529 plan is a tax-advantaged college savings/investment plan designed to encourage saving for the future higher education expenses of a designated beneficiary (typically one’s child or grandchild).