Michigan has 3 state plans: Michigan Education Savings Plan (MESP), MI 529 Advisor Plan, and the Michigan Education Trust (MET) Prepaid Tuition Plan.
A) The Michigan Education Savings Program or MESP Plan is a direct-sold 529 plan with 0.12% – 0.24% fees and no residency requirement.
B) The MI 529 Advisor Plan is an advisor-sold plan that does not require residency and comes with 0.67% to 1.52% fees.
C) The MET Prepaid Tuition Plan is a prepaid plan or prepaid tuition program. Only Michigan residents are eligible to participate. The MET plan covers college costs at public Michigan schools, both universities and community colleges.
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.
You can find more information about Michigan 529 college savings programs at the Michigan Department of Treasury website.