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MI 529

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MI 529

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Michigan's 529 Savings Programs

Michigan offers several 529 college savings programs to assist you in saving for future college expenses. A 529 Plan is a tax-advantaged savings/investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild).
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What are Michigan's 529 plans? Video

What are Michigan's 529 plans?

Bureau director Robin Lott talks about the history of Michigan 529 plans, the advantages of 529 plans and the different varieties that Michigan offers.

Want to see more videos about Michigan's 529 plans? Visit our YouTube channel.

MI529 Savings YouTube Channel

Types of Section 529 College Savings Plans

There are two types of 529 college savings plans: prepaid tuition plans and savings plans:

Prepaid Tuition Plans allow for the pre-purchase of tuition based on today's rates and then paid out at the future cost when the beneficiary is in college. Performance is often based upon tuition inflation. Prepaid plans may be administered by states or higher education institutions. 

Savings Plans are different in that your account earnings are based upon the market performance of the underlying investments, which typically consist of mutual funds. Savings plans may only be administered by states.

529 (A) Achieving a Better Life Experience - ABLE Plan

ABLE accounts allow eligible individuals the ability to save for qualified disability expenses and provide a saving/investment tool that are excluded from income and/or asset calculations for public assistance programs. MiABLE is Michigan's 529 (A) plan.

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Similarities and Differences

How are Michigan's direct sold 529 plans, MET and MESP, similar to each other?

Both MET MESP
Open with as little as $25 X
Accepts rollovers from other 529 programs X
Ability to contribute with Payroll Direct Deposit or ACH X
State income tax deduction X
Earnings are tax exempt for qualified expenses X
Funds can be used at any qualified institution X
Low impact on financial aid eligibility X
Transferable to immediate family members X
Prepaid Tuition
X
22 Investment options
X

 

Saving and Planning Calculators

Use these calculators to estimate your monthly contributions into MET and MESP. These tools are meant to be an estimate and should not be taken as a guarantee of future results.

  • MET Contribution Calculator

    To receive information that could help you establish a prepaid tuition savings plan, input information about your child's academic year, your savings goal and your savings timeframe.

  • MESP Savings Calculator

    To receive information that could help you establish an investment savings plan, input information about your child's age, their tentative college plans, your savings goals, and other important factors.

Michigan's 529 Options Video

Michigan's 529 Options

An overview of Michigan's 529 savings plans. A focus will be on Michigan's two direct sold 529 college savings plans, the Michigan Education Trust and the Michigan Education Savings Program.

Learn more about Michigan's 529 plans on our YouTube Channel.

MI 529 Savings YouTube Channel

Michigan's Section 529 College Savings Programs

Learn more about each program by visiting their website.

College Savings Events

Want MI 529 to attend your event? Staff are available for presentations (virtual or in-person) or to set-up a display at your event. We attend many different types of events from community resource fairs, back-to-school events, employer benefit fairs and more. If you are interested in scheduling a presentation or want us to participate in your event, please call 800-638-4543 or email TreasMET@Michigan.gov .

Nov 10

November MET and MESP Webinar

Get and overview of Michigan's 529 programs, the Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP). Learn the differences between the two programs...

Nov 12

Flint Information and Enrollment Session

Drop-in anytime during this event to learn more about Michigan's 529 college savings programs, MET and MESP. MI 529 staff will offer a brief presentation at 4:30 p.m. and be ava...

Dec 08

December MET and MESP Webinar

Get and overview of Michigan's 529 programs, the Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP). Learn the differences between the two programs...

Jan 12

MET and MESP Webinar

Get and overview of Michigan's 529 programs, the Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP). Learn the differences between the two programs...

Feb 09

MET and MESP Webinar

Get and overview of Michigan's 529 programs, the Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP). Learn the differences between the two programs...

Mar 09

MET and MESP Webinar

Get and overview of Michigan's 529 programs, the Michigan Education Trust (MET) and the Michigan Education Savings Program (MESP). Learn the differences between the two programs...

MI ABLE

MiABLE

The mission of MiABLE is to encourage and assist the saving of private funds to help persons with disabilities cover costs that support their health, independence and quality of life.


Learn more about MiABLE