![]() ![]() Savers can transfer other education savings accounts without penalty into their MESP account. It charges an annual account maintenance fee and fees for some of the investment options, but these fees are generally lower than those charged by similar plans and are clearly disclosed.Ī feature that makes MESP an attractive option for education savings is its roll-over funds options. Its fees are also highly competitive with other education savings plans. MESP has low contribution minimums, making it accessible to those who may not have much extra money to put toward education savings. However, do be aware that their single-fund portfolio options are higher risk than some might prefer. This plan has consistently delivered strong returns over the years and offers a range of investment options, including age-based portfolios, individual mutual funds and a stable value fund. The MESP is administered by the Michigan Department of Treasury and is backed by the full faith and credit of the state of Michigan.
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