Saving for College
The State of Michigan has two ways to help you save for your child's/children's college education:
- Michigan Education Trust or MET
- Michigan Education Savings Program or MESP
Both plans are considered Section 529 plans. The Michigan Education Trust (MET) is a prepaid 529 plan which guarantees tuition and mandatory fees at Michigan public colleges. MESP is a 529 college savings plan which allows families to save for tuition, room & board, mandatory fees and equipment and required books for any qualified institution in the nation and some abroad. Both plans provide tax-free growth and a state income tax deduction for Michigan Taxpayers. Both plans can be used in coordination together. Contributions to both plans must not exceed over $235,000. There are of course other ways to accomplish college savings, but many families in our state use these opportunities.