What exactly is a 529 plan — and should your family have one?

As tuition costs climb at Michigan’s leading universities, families are encouraged to consider 529 college savings plans, with May 29 (529 Day) spotlighted for awareness and special incentives. Michigan offers two main options: the Michigan Education Trust (MET), a prepaid tuition plan, and the Michigan Education Savings Program (MESP), an investment-based account. Financial experts emphasize the importance of starting early, making regular contributions, and utilizing gift options, while dispelling the myth that large initial deposits are necessary.