Michigan 529 College Savings Plans
Michigan 529 College Savings Plan – Michigan Education Savings Program (MESP)
About: The Michigan Education Savings Program (MESP) is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. It’s available to any citizen or tax payer. And just about anyone can help contribute including Grandparents, other family, members and friends. The Michigan Education Savings Program is similar to other TIAA-managed 529 savings programs. The Program features an age-based option, four multi-fund options, a single fund option and a principal protection option.
Phone #: 1-877-861-6377
Investment Options: Their Age-Based Option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative), each containing 9 portfolios of underlying mutual funds. Investors can also select among 4 multi-fund options (the International Equity Index Option, the Global Equity Index Option, the 100% Fixed Income Option, and the Balanced Option), the U.S. Equity Index Option and the Principal Plus Interest Option. Investments are managed by TIAA-CREF institutional mutual funds and one Vanguard index fund. The Principal Plus Interest Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum annual rate
Tax Benefits: Contributions to a Michigan’s 529 savings plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Michigan taxable income. Contributions must be reduced by qualified withdrawals during the year for purposes of determining the amount that may be deducted. Rollover contributions are not deductible, according to the Michigan Department of Treasury.
State Residency Requirements: No state residency is required to participate in Michigan 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.