How much do you intend to pay for? Where might your son or daughter attend college? What does your financial situation look like? And what might your financial future look like? Those numbers are going to rise in the coming years. There are different options in terms of funds specifically for saving for education costs, with the most popular being plans.

Plan Investment Options

The refers to the Internal Revenue Service code for college savings plans. Most states offer savings plans, while fewer offer prepaid plan. This can be especially useful if your child plans to attend college out of state.

Therefore, performance is based on tuition inflation between when purchased and when distributed. Monies are refundable if the child chooses to attend a non-Michigan public university. Also, the fund can be transferred to a sibling or first cousin if the primary beneficiary chooses not to attend college. They are available by semester or by year, up to 10 semesters or five years. Four-, seven-, and year payment plans are available.

Payments can be made several ways, including through payroll deduction. The full and limited plans are similar, with the only differences being the amount of credit hours purchased and cost of the contract.

The community college plan, obviously, can only be used for the 28 Michigan community colleges. Earnings are tax exempt as long as they are used for higher education tuition and mandatory fees. For more information on MET, visit www. Unlike the MET plan, the MESP is a savings fund that works similar to a Roth IRA retirement fund by utilizing mutual funds and other investments. For more information on the MESP plan, visit www.

This allows investors to have more control over how aggressive or conservative they choose to be with their portfolio. Investment options can be changed. For more information on the MI Advisor plan, visit www.

A Coverdell Education Savings Account is somewhat similar to a Roth IRA. However, contributions are not tax deductible. The websites for the Security Exchange Commission and the Internal Revenue Service contain valuable information for those interested in seeking more in-depth tax information.

Newspaper Digital Editions eNewsletters. Registration on or use of this site constitutes acceptance of our User Agreement and Privacy Policy. All rights reserved About Us. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of MLive Media Group.

Community Rules apply to all content you upload or otherwise submit to this site.

Access Denied

Ann Arbor Bay City Detroit Flint Grand Rapids Jackson Kalamazoo Lansing Muskegon Saginaw All Michigan. Home Set Your Edition Michigan. Back to Main Menu. Close Customize Your Weather Set Your Location: Your weather is set to. You can change the location at any time. Sign in to MLive. You are signed in as. Edit Public Profile Sign Out. The Ann Arbor News The Bay City Times The Flint Journal The Grand Rapids Press Jackson Citizen Patriot Kalamazoo Gazette Muskegon Chronicle The Saginaw News.

Homes for Sale Apartments Car Dealers Used Cars Jobs Businesses.

Buy or sell a car. Find a place to live. See what's for sale. More Michigan Business Michigan business news.

Automotive News and Reviews. Search for jobs in Michigan. About Us MLive Media Group Our Team Advertise Frequently Asked Questions Contact Us Jobs at MLive. Subscriptions Newspaper Digital Editions eNewsletters The Ann Arbor News The Bay City Times The Flint Journal The Grand Rapids Press Jackson Citizen Patriot Kalamazoo Gazette Muskegon Chronicle The Saginaw News.

MLive Sections News Business Sports High School Sports Entertainment Living Opinion Obituaries Jobs Autos Real Estate Apartment Rentals Classifieds Local Deals Local Businesses Business Resource Center.

Michigan Education Savings Program (MESP)

Your Regional News Pages Ann Arbor Bay City Detroit Flint Grand Rapids Jackson Kalamazoo Lansing Muskegon Saginaw. Mobile Mobile apps Tablet apps. Follow Us Twitter Facebook YouTube.