Many parents and families today worry their child or grandchild will begin their adult lives burdened with crippling school loan debt. But it doesn’t have to be that way. Whether your son or daughter is getting ready for pre-school or high school, the time to figure out your options and make a plan is now. Find out how Michigan Education Savings Program (MESP) can be a part of your college savings strategy.
A Message from: Robin Lott
Executive Director, Michigan Education Savings Program (MESP)
Dear Michigan Resident,
Saving for college is a major concern for most families. With the rising cost of tuition, it’s more important than ever you have access to smart financial options that help pay for the cost of higher education.
That’s why we’re proud to sponsor the Michigan Education Savings Program (MESP), Michigan’s variation on the federally available 529 higher education savings plan with state tax advantages available only to Michigan residents. MESP makes life easier for families looking to save for college, through:
Low Minimums. Start saving with as little as $25. And make additional contributions of $25 or more whenever you like.
Tax Advantages. In addition to state tax benefits, any earnings can grow deferred from federal income tax, which can really help your savings add up. Withdrawals are also free from federal tax when used for qualified higher education expenses.
Flexibility. Qualified expenses include not just tuition but certain room and board costs, computers and related technology expenses, books, fees, and equipment. Plus, funds can be used at any accredited university, college or vocational school nationwide — and many abroad.
I encourage you to find out more about MESP here on the site. If you have additional questions, please contact us at MESP during available hours.
Thank you for your interest. I hope you and your family will choose MESP to help a child of our state fulfill their potential.