Saving for college has become one of the most important financial goals, like buying a home or saving for retirement. A 2018 survey conducted by the Michigan Education Trust found that while most Michigan parents view a college education as an investment in their child’s future, only about half are currently saving for higher education expenses. Read the full article.
In an effort to meet the needs of all residents, the state of Michigan offers both a pre-paid plan and college savings plans. Each option offers a State of Michigan income tax deduction and tax deferred earning potential, as well as tax free withdrawals when funds are used for qualified educational expenses.
The Michigan Education Savings Program direct sold 529 college savings plan is managed by TIAA, Tuition Financing Incorporated. MESP was established in 2000 and TIAA has been the plan manager since inception.
Please keep in mind that 529 plans are long-term investment approaches. To learn more, read 529 Plans: Market Volatility During Uncertain Times from TIAA.
Schedule a Phone Appointment
To schedule a free phone appointment with your dedicated Tuition Financing Consultant, Jennifer D. Uhlar, request an appointment.
Jennifer D. Uhlar
Tuition Financing Consultant, TIAA