Grand Rapids Reporter

It’s becoming familiar territory for the Michigan Education Savings Program (MESP) to be recognized with a top rating.

The state retained its “gold” standing in Morningstar Inc.’s yearly ratings of 529 college savings plans, according to a Dec. 2 news release from the Michigan government.

“It’s always gratifying to earn validation from a respected third party that you’re among the best college savings plans in the entire country,” State Treasurer, Rachael Eubanks, said in the release. “Our current and future account owners can take comfort that the state of Michigan is delivering to families the best plan to help their loved ones pursue their college education dreams. Saving for college does not require a huge deposit. Contact us today so we can help you figure out which plan suits your family’s goals.”

Gov. Gretchen Whitmer’s administration hopes to ensure a pathway for college through the MESP, Michigan Reconnect, Michigan Achievement Scholarship and other programs, the release stated.

“Saving for your child’s education today can put them on a path to long-term success,” Whitmer said. “For years, the MESP, one of two gold status programs in the nation, has been helping families save for college. I encourage Michiganders to check out all the programs offered by the Michigan Department of Treasury and make an investment in the future early so that they are in a stronger financial position when tuition bills come due later in life. I will work with anyone to help more students get to college by encouraging early saving through the MESP and establishing and expanding both Michigan Reconnect and the Michigan Achievement Scholarship to offer tuition-free or lower-cost paths to higher education.”

Named after the section of the Internal Revenue Code that permitted its establishment, MESP is one of three Michigan Section 529 plans, according to the release. The others are the Michigan Education Trust prepaid tuition program and the investment adviser-based MI 529 advisor plan.