We all want the best for our children and grandchildren, to see them realize their life’s ambitions. Education is integral to their success, and while paying for college could be one of the largest expenditures you will incur, it just might be the best investment you ever make. That is why it is important to start saving early, and a 529 plan is a great savings option to help you achieve your college savings goals.
Named after the section of the Internal Revenue Code that created them, 529 plans are designed specifically to save for college, offering various tax benefits and other important features such as estate planning and gifting benefits.
To compare the different types of college savings vehicles or refer to commonly asked questions about 529 plans click in the links above.
Michigan has three 529 Plans that offer a Michigan Income Tax Deduction: Michigan Education Trust (MET prepaid plan), Michigan Education Savings Program (MESP Direct Program) and MI 529 Advisor Plan.