What does MESP mean in EDUCATIONAL

MESP stands for Michigan Education Savings Program. It is a state-sponsored program specifically designed for families wanting to save for the future of their children's education.

Yes, there are tax benefits available through the Michigan Education Savings Program. Contributions are deductible from state taxable income up to certain limits and earnings grow tax-deferred until withdrawn from the account. There may also be additional deductions available depending on state residency status.

Yes, you can use funds from your MESP account to pay tuition expenses at eligible K-12 schools if you meet specified requirements. Eligible schools include any public or private school that provides instruction in grades K through 12, including religious or other nonpublic schools that are located in Michigan and accredited by either the State Board of Education or an accreditation association recognized by such board or the United States Department of Education.

Accounts must be opened through the official website of Michigan Education Savings Program (wwwmespinfo). You will need information about yourself, your beneficiary (student) and anyone authorized to manage your accounts as well as a valid form of payment and backup documentation such as Social Security numbers, bank statements, and birth certificates when opening an account.

Yes, there are fees associated with managing a MESP Account but only if you choose to use one of our investment advisors or portfolio managers. If you decide not to hire outside assistance, then you may manage your own investments without paying any additional fees.