Open an MESP account in just minutes
You can open an MESP account quickly and easily—and for as little as $25. Start their education savings now!
Start Enrollment Continue saved applicationSo simple and easy
Check out our video for a step-by-step guide to opening your own Michigan Education Savings Program account
Here’s the information you’ll need to open your MESP account.
And don’t forget you can start with just $25.
Account owner
(the person in charge of the account)
- Name
- Social Security Number or Taxpayer Identification Number
- Date of birth
- Current address
- Investment option decision
- Bank account routing number
Beneficiary
(the person you’re saving money for)
- Name
- Social Security Number or Taxpayer Identification Number
- Date of birth
- Current address
Note: You can be the beneficiary of your own account.
529 fact
An account can be opened in anyone’s name (like a parent, grandparent or family friend) and easily transferred later.
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Relevant FAQs
Anyone with a valid Social Security Number or Taxpayer Identification Number can be the beneficiary, including the account owner. Learn more about who can open, benefit from and contribute to an MESP account.
There’s no cost associated with opening an MESP account or owning more than one account. You could open a different account for each child.
You might do this to align investment strategies with the time frame each child will begin using the funds. For example, an older child’s account could be more conservatively invested to help protect your contributions as they near college, whereas a younger child’s account might be invested to balance growth and income strategies during a longer time frame. You may also prefer to pay college expenses first out of your highest growth account to maximize federal tax benefits and to encourage gift contributions from friends and family.
Keep in mind: MESP allows you the flexibility to select multiple investment options within each account. This offers you more control to manage risk on your terms. For example, adding the Guaranteed Investment Option can help ensure a portion of your college savings is principal-protected.
Multiple accounts can also aid in estate planning by ensuring that college funds are allocated appropriately to each beneficiary upon the death of the account owner. But if you’d like to stick to one account, you can change beneficiaries at any time and at no additional cost.
There are no sales charges, startup fees or maintenance fees associated with MESP accounts. For details on total annual asset-based fees, comprised of the underlying investment expenses for each investment option, the program manager fee and state administration fee, review the individual investment options Fee Table in the Program Description.
Yes. 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. You can transfer funds from another 529 plan to your MESP account for the same beneficiary once within a 12-month period without incurring tax penalties.
Consolidating education savings into MESP also gives you a single view of your savings and performance as well as single-step payments to colleges, universities, etc.
You may also save money that can go right back into your college fund. MESP expenses are among the lowest in the country and less than half the national average for 529 plans. You pay no sales charges, startup fees or maintenance fees.
The 529 plan from which you are transferring funds may be subject to different features, costs and surrender charges. As such, you should consult your tax advisor or the other 529 college savings plan prior to making any decisions. For more information, see How to manage an incoming rollover from another 529 savings plan account.