Michigan Education Savings Program Marks College Savings Month with Lower Fees, $10 Billion Milestone and Expanded Opportunities for Career Training

The Michigan Education Savings Program (MESP), Michigan's direct-sold 529 investment college savings plan, has surpassed $10 billion in assets under management, marking a major milestone as more than 340,000 account holders save for future college, career training and other qualified education expenses. The announcement comes as families across the state prepare for a new school year and recognize College Savings Month.

MESP has also reduced its annual management fee from 0.02% to 0.01%, making every dollar saved work harder for Michigan families.

"The future of work is changing faster than any of us could have predicted. As new technologies reshape industries and create entirely new careers, one thing hasn't changed: investing in education is still one of the best investments a family can make," said Megan Patino, Executive Director for MESP.

According to the State of Michigan, the state has a significant skilled trades shortage that is expected to continue through 2030. The State estimates that the skilled trades are creating approximately 45,000 new job openings annually. As education and workforce needs continue to change, Michigan law has expanded the ways families can use their 529 savings, giving students greater flexibility to pursue high-demand career pathways.

Since its inception, MESP account owners have withdrawn more than $7 billion in qualified funds, as of June 30, 2026, to pay for colleges, universities, vocational schools, community colleges, graduate or postgraduate programs, apprenticeships, credentialing programs and more. Visit misaves.com for additional information.

Based on statistics provided as of June 30, 2026.

About MESP

MESP is one of three Michigan Section 529 plans that offers Michigan taxpayers three valuable tax benefits: a state income tax deduction on contributions, tax-deferred growth on earnings, and tax-free withdrawals when used for qualified higher education expenses. MESP can be used at any eligible college, university, or trade school for various qualified expenses, including tuition, mandatory equipment, fees, certain room, and board costs, supplies, and books. Program Administrator, Michigan Department of Treasury.

To learn more about the Michigan Education Savings Program, its investment objectives, risks, charges and expenses, see the Program Description at MIsaves.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed, and there is the risk of investment loss. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Michigan Education Savings Program.