LANSING, MI (WHTC) – The Michigan Education Savings Program (MESP) has earned a top 10 honor nationally for 2015 investment performance.
According to SavingForCollege.com, the program produced the seventh-best investment performance among state-sponsored direct-sold 529 college savings plans nationwide in 2015. More than 50 plans were analyzed in SavingForCollege.com’s 2015 rankings.
MESP is one of three Michigan Section 529 plans named after Section 529 of the IRS Code, which created these types of savings plans which investors can enroll in without using a broker. The others are Michigan Education Trust (MET), a prepaid tuition plan that allows for the purchase of tuition based on today’s rates, and MI 529 Advisor (MAP), a savings plan offered through financial advisors that includes various investment options.
Each plan provides Michigan taxpayers a state income tax deduction on contributions and potential tax-free growth on earnings if account proceeds are used to pay for qualified higher education expenses.
MESP can be used at any eligible college, university or trade school in the nation and some abroad for a variety of qualfied higher education expenses, including tuition, fees, certain room and board costs, books, computers, supplies and equipment required for enrollment.
Since its inception in 2000, the plan has more then 225,000 accounts with total assets exceeding $4 billion.
