Money Monday: Saving for college with Michigan’s 529 program

Money Monday: Saving for college with Michigan's 529 plan

Michigan families and students looking to save up for school can invest in a tax-free 529 savings plan through the Michigan Education Savings Program (MESP).

Once used only for higher education, Michigan’s 529 plan can now be used to save money for elementary and secondary schools at public, private and religious institutions.

Watch the video above to learn more.

Click here to learn more about the 529 savings plan from MESP.

The Michigan Department of Treasury last month announced a new mobile app -- called READYSAVE 529 -- that allows families and students to monitor their savings account. Learn more about the app here.

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About the Author:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.