Saving for college? There’s an app for that. The Michigan Department of Treasury announced the roll-out of the READYSAVE 529 app last week.
The mobile app is for Michigan Education Savings Program account owners. The MESP program offers different investment options. It has been around for twenty years and now has over 285,000 accounts with more than $7.3 billion invested.
Diane Brewer, MESP administrator said, “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. 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.”
The “529” plans are named after the IRS code that created them. There is a state income tax deduction on contributions and potential for tax-free growth if used for higher education. Higher education includes eligible colleges, universities, or trade schools, nationwide, and can be used for tuition, fees, books, supplies, and even room and board.
Reporting for WGRT – Jennie McClelland
