Photo courtesy of MESP

LANSING — The Michigan Education Savings Program (MESP), the state’s tax-advantaged 529 college savings plan managed by TIAA, celebrated its 25th anniversary on Friday with a $25,529 donation to the Fostering Futures Scholarship Trust Fund in Detroit. The donation, which matched contributions up to the symbolic amount, will provide scholarships to young adults who have experienced foster care and are enrolled at Michigan colleges and universities.

“For 25 years, MESP has been helping Michigan families prepare for higher education, and we’re proud to celebrate this milestone by supporting students who face some of the biggest hurdles,” said Jennifer Burke, Director of Education Savings at TIAA. “Every student deserves the opportunity to pursue their dreams, no matter their circumstances.”

As of August 31, MESP has supported over 198,220 beneficiaries and issued $6.48 billion in qualified withdrawals. This milestone year also brings new opportunities for account beneficiaries, as recently enacted state legislation expanded the ways in which MESP funds can be used from traditional college expenses to apprenticeship programs and even student loan repayment, offering families more flexibility than ever.

Since 2012, the Fostering Futures Scholarship Trust Fund has raised more than $1.4 million to help youth who have experienced foster care afford higher education. All contributions are tax-deductible. To learn more or to donate, visit FosteringFutures-MI.com.

MESP is one of three Michigan Section 529 plans that offer Michigan taxpayers triple tax benefits! A state income tax deduction on contributions, tax-deferred growth on earnings, and tax-free withdrawals 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.

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.