Michigan Education Savings Program (MESP)
The Michigan Education Savings Program (MESP) is a unique 529 plan that helps families save for education expenses. Managed by TIAA-CREF Tuition Financing, Inc., this plan offers a variety of investment options, including age-based portfolios and individual fund choices, allowing for customization based on investment preferences. It stands out with its potential state tax benefits, including a state income tax deduction on contributions for Michigan residents. The MESP also offers a high maximum contribution limit, providing families with ample opportunity to save for education.
EnrollState Tax Incentive
$5,000 single / $10,000 joint beneficiary
Program Manager
TIAA-CREF Tuition Financing, Inc
Investment Manager(s)
TIAA, Vanguard, Schwab
Plan type
Direct
Investments
Guided Investments
target-enrollment-portfolios
ESG Investments
No
Avg. expense fee
0.100%
Fee Range
0.02%-0.14%
Ratings
Backer Rating
Our rating is based on fees and tax savings advantages.
79%
for MI residents
61%
non-residents
Saving For College
Unbiased, independent resource for parents.
5
for MI residents
4.5
non-residents
Morningstar Rating
Once a year, the financial services firm Morningstar releases its 529 ratings.
Other
Connect with Mint.com
Track your finances in one place.
Yes
Connect with Backer
Full end to end enrollment, gifting and plan management.
Enrollment
Mobile app
Backer App covers this plan.
Yes
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Check out latest news about this plan.
General Recommendation
This is a direct sold 529 plan, rated as gold by Morningstar.
