LANSING—Michigan families can now manage their children’s college education savings from the palm of their hand.
The Michigan Department of Treasury today announced the launch of READYSAVE 529, a new education savings mobile app available to Michigan Education Savings Program (MESP) account owners. The app provides a convenient way to access information, track progress and make contributions.
“We are excited to be one of the first states to offer this new tool that makes it easier for families to save for their children’s future,” said Diane Brewer, MESP administrator. “As higher education costs continue to rise, we are always looking for new and innovative ways to help Michiganders plan, monitor and adjust their saving strategies to meet their goals. READYSAVE 529 delivers a simple yet powerful solution to do that.”
Developed by the Dresher, Pa.-based financial services firm Ascensus LLC, the READYSAVE 529 app allows users to view account balances and investment allocations, make one-time or reoccurring contributions and see how their savings compare with peers. Future launches of the app will add new capabilities like allowing family and friends to make gift contributions.
Managed by TIAA-CREF Tuition Financing Inc. on behalf of the Michigan Department of Treasury, MESP is considered one of the nation’s top college-savings options, earning silver and gold ratings from Morningstar each year since 2012.
MESP, sold directly to families that are saving for college, offers 18 investment options. The plan, which marked its 20th anniversary last November, has more than 285,000 accounts with total assets exceeding $7.3 billion.
MESP is one of three Michigan Section 529 plans, named after the section of the Internal Revenue Code that allowed for their creation. Each plan offers Michigan taxpayers a state income tax deduction on contributions and potential tax-free growth on earnings if account proceeds are used to pay for qualified higher education expenses.
MESP can be used at any eligible college, university, or trade school in the nation, as well as some overseas, for a variety of qualified higher education expenses, including tuition, fees, certain room and board costs, books, supplies, and equipment required for enrollment.
More information about MESP is available at MISaves.com or by calling (877) 861-6377.