The Michigan Education Savings Program (MESP) is a
529 savings plan that is administered by the
Michigan Department of Treasury
The State Treasurer of Michigan functions as the chief financial officer for the U.S. state of Michigan. The State Treasurer oversees the collection, investment, and disbursement of all state monies, and also administers major tax laws, safeguar ...
. Michigan residents who contribute to this plan can deduct up to $5,000 (up to $10,000 for joint filers) from their
state income tax
In addition to federal income tax collected by the United States, most individual U.S. states collect a state income tax. Some local governments also impose an income tax, often based on state income tax calculations. Forty-two states and many ...
each year. MI State Matching Grants based on MESP contributions are not currently available. If state appropriations become available in the future, the State Matching Grant program will be reinstated.
In 2020, MESP was highly rated for its glide path and low fee in Morningstar's annual analysis of 529 college savings plans.
References
External links
The MESP web site
Personal finance
Economy of Michigan
Education finance in the United States
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