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. Visit MISaves to learn more.
MESP Earns a Morningstar Analyst Gold Star Rating
In an annual review (Oct. 27, 2020) of 61 of the largest 529 college savings plans, Morningstar, a leading provider of independent investment research, identified 35 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2020. Three 529 college savings plans earned Gold ratings for low costs, strong stewardship, and exceptional investment options. Morningstar upgraded the Michigan Education Savings Program rating to Gold "in recognition of the state's long track record of first-rate investment oversight." For more information about Morningstar's overview of the Michigan Education Savings Program, view "The Top 529 College Plans of 2020" on the Morningstar website.
Past performance does not predict future results. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.
2021 Live Webinars
Join MET/MESP in a live webinar to learn more about the state of Michigan’s Direct-Sold 529 program. You can access the interactive session from your computer and interact with live presenters. RSVP today and instructions will be sent to you via email. View a list of all upcoming joint webinars and register today.
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