The Michigan Education Savings Program Marks 25 Years of Empowering Futures with Expanded Coverage for Apprenticeship Expenses and Student Loan Repayments

published March 4, 2025

LANSING, Mich. — (March 4, 2025) The Michigan Education Savings Program (MESP), one of the state’s three 529 college savings plans, proudly marks its 25th anniversary of empowering Michigan families to invest in their children's educational futures. To date, the program has supported more than 188,000 beneficiaries and issued $6B in qualified withdrawals. This milestone year also brings new opportunities for account beneficiaries as recently enacted state legislation expands the ways in which they can use their MESP funds.

Previously, MESP funds could be used at any eligible college, university, community college or trade school in the U.S. and select institutions abroad for qualified higher education expenses, including tuition, fees, room and board, books, and required supplies. Beginning April 2nd, thanks to the legislation signed by Governor Gretchen Whitmer—aligning Michigan’s program with some of the national 529 plan updates under the Secure Act—beneficiaries can also use MESP funds to cover fees, books, supplies, and equipment for apprenticeship programs registered and certified with the Secretary of Labor under the National Apprenticeship Act, as well as to repay student loans subject to a lifetime limit of $10,000 per individual when using a 529 plan.

"For a quarter of a century, MESP has been committed to making higher education more accessible and affordable for Michigan families,” said Diane Brewer, Executive Director for MESP. “With these expanded benefits, we are excited to offer even greater flexibility, ensuring that all students—whether they choose a traditional college path, an apprenticeship, or need support repaying student loans—can have the financial support needed to build their future."

Apprenticeships provide critical hands-on training for high-demand careers, but the upfront costs for tools, supplies, and certification exams can be a barrier for many. Similarly, the burden of student loan debt remains a significant financial challenge for graduates statewide.

MESP offers tax-advantaged growth, various investment options, and low fees, making it a valuable tool for families planning for future educational expenses. As of January 31, 2025, MESP managed over $8.5 billion in assets across more than 322,000 accounts, reflecting Michigan residents' trust in the program.

MESP will celebrate its 25th anniversary with a series of events and campaigns throughout the year, including a donation to the Fostering Futures Scholarship Trust Fund. For more information, visit www.misaves.com.

About MESP

MESP is one of three Michigan Section 529 plans that offer Michigan taxpayers triple tax benefits! A state income tax deduction on contributions, tax-deferred growth on earnings, and withdrawals to pay for qualified higher education expenses are tax-free. MESP can be used at any eligible college, university, or trade school for various qualified expenses, including tuition, mandatory equipment, fees, certain room, and board costs, required supplies and books for the designated beneficiary.

Program Administrator, Michigan Department of Treasury. To learn more about the Michigan Education Savings Program, its investment objectives, risks, charges and expenses see the Program Description at MIsaves.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Michigan Education Savings Program.

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Media Contact:

Whitney McGoram
(202) 525-0606
Whitney@McGoramConsulting.com