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Michigan 529 plans
Michigan residents receive outstanding state plan benefits.
Learn about state tax benefits ↓Michigan residents receive outstanding state plan benefits.
Learn about state tax benefits ↓Featured 529 plans for Michigan residents:
Prepaid Plan
State tax deduction or credit
Contributions to a Michigan's 529 savings plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Michigan taxable income.
Which 529 plans does Michigan offer?
Michigan offers a direct-sold 529 savings plan (MESP) and an advisor-sold 529 plan (MI 529 Advisor). Michigan also offers a prepaid tuition program (MET) open to Michigan beneficiaries.
Direct sold 529 plans
"Do-it-yourself" type plans in which the saver enrolls and sets up the initial investment. Fortunately most 529 plans make this simple! You'll pay no sales charges beyond fund and administrative fees.
Our rating
4 / 5
Special award
Prepaid Plan
Advisor sold 529 plans
Plans offered by investment professionals. You'll gain the guidance of a financial advisor, but will incur sales charges and/or fees as you invest.
Our rating
3.5 / 5
ABLE Plans
529 ABLE accounts let Americans with disabilities save tax-deferred for education and other expenses without impacting eligibility for public benefits.
ABLE Plan
MiABLE Michigan is offered through the National ABLE Alliance. MiABLE is established under the state's ABLE legislation and Section 529A to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities. The plan allows for the creation of tax-advantaged savings accounts for individuals with disabilities to pay for disability related expenses without endangering access to vital public benefits.
A good place to start:
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Saving For College is an unbiased, independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how to meet the challenge of increasing college costs.
