Morningstar, an investment research firm that compiles and analyzes fund, stock and general market data, analyzed 54 education savings plans in 2022. The Michigan Education Savings Program (MESP) was one of two to earn a “Gold” rating. The plan was praised for its “excellent stewardship” and “well-designed, low-cost offerings.” Plans receiving “Gold” ratings are considered “industry standard setters” by Morningstar. For more information, visit the Morningstar website.
What is the Michigan Education Savings Program (MESP)?
MESP is the state sponsored 529 direct sold college savings program. A 529 account is a tax-advantaged way to save for higher education. The MESP direct sold 529 college savings plan is managed by TIAA, Tuition Financing Incorporated.
Advantages of a 529 Plan
- Contributions grow tax-deferred, meaning potentially bigger gains over time.
- Funds can be used at eligible schools nationwide.
- Anyone who is a U.S. citizen or resident alien and at least 18 years old who would like to contribute on behalf of a beneficiary can establish a 529 account.
- 529’s can be used to cover a range of expenses, including books, supplies and equipment required for enrollment or attendance.
Start Saving Today
Learn more about MESP and 529 plans:
