Michigan celebrates 529 Day, Recognizing Importance of Saving for Education and Future Opportunities

Gov. Gretchen Whitmer has proclaimed May 29 as “529 Day” in Michigan to encourage families to save for future education and career training opportunities.

And to help celebrate the day, the Michigan Education Trust (MET), Michigan’s 529 prepaid tuition savings program, is providing a special bonus to assist families in getting started on saving for their loved ones’ future education.

“529 plans give Michigan families a powerful way to prepare for the future,” said Megan Patino, executive director of the Michigan Education Trust. “Whether a child dreams of attending college, earning a certificate or learning a skilled trade, saving now can open doors later. 529 Day is a reminder that every dollar saved today can help create opportunity tomorrow.”

The $50 bonus per beneficiary is limited to qualifying contracts with a required $250 contribution initiated May 29, 2026, through June 1, 2026. The new contract must use a special promotional code to complete the application, and the contribution must be made in one transaction during the qualifying period. Rules and eligibility criteria for the $50 bonus can be found on MET’s website.

Charles Lopresti Jr. of Lake, Michigan, is celebrating his connection to MET — and a different kind of bonus impacting four generations in his family.

Lopresti, with help from his father, started MET plans for both of his sons in 1989. They each earned college degrees, but his youngest son, Michael, had 23 unused credits left when he graduated. Now his grandson, who is graduating this month, is reaping the benefits.

“I had completely forgotten about (the MET plan),” Lopresti said. “We had moved, and the termination letter had gone to our old address. But something clicked and I called MET to see if there was a way to help my grandson with the remaining value of the original plan. I got an email stating that the value of the plan was $29,000.”

Lopresti said that MET helped him through every step of the process to transfer the plan to his grandson, who will be attending school in Arizona.

“Everyone at MET was so helpful,” Lopresti said.

Michigan offers several 529 savings options designed to help families prepare for educational expenses, including MET and the Michigan Education Savings Program (MESP).

Research consistently shows children with dedicated education savings are more likely to pursue postsecondary education and training opportunities. Officials say even modest savings can help reduce future student debt burdens and provide peace of mind for families planning ahead.

Both MET and MESP provide state tax deductions on contributions, and qualified withdrawals are exempt from federal and state income taxes.

About MET

Administered by the Michigan Department of Treasury, MET is the state’s 529 prepaid tuition savings program. It allows families to buy future credits at today’s prices and use the credits at Michigan public colleges, and with flexibility at private, out-of-state institutions and trade schools.

About MESP

MESP is Michigan’s direct-sold investment 529 college savings plan. It offers flexible investment options and potential tax-free growth when used for qualified higher education expenses such as tuition, room and board and books.