Get Mi Gift Form - Misavescom

The MET, or Michigan Education Trust, is a prepaid tuition plan. You pay for college credits at today's rates and your child's future classes are covered. The MESP, or Michigan Education Savings Plan, is an investment plan, similar to a 401k that you might have at work.

- The Michigan Education Savings Program (MESP) is Michigan's direct sold 529 savings plan.

Your MESP funds can be used at any accredited university in the country—and even some abroad. This includes public and private colleges and universities, apprenticeships, community colleges, graduate schools and professional schools. Up to $10,000 annually can be used toward K-12 tuition (per student).

Qualified Withdrawals: These are untaxed and include any withdrawals that will be used to cover Qualified Higher Education Expenses for the student at an Eligible Educational Institution. The student must be enrolled for at least half-time for room and board expenses.

Qualified education expenses such as tuition, certain room and board expenses, fees, books, supplies, computers and equipment required for the enrollment and attendance of the beneficiary at an eligible educational institution, which includes most postsecondary institutions.

Exceptions to the 529 withdrawal penalty The beneficiary of the plan has died or become disabled. The beneficiary received a tax-free scholarship. The beneficiary received educational assistance through a qualifying employer program. The beneficiary is attending a U.S. military academy.

If your child is in college, there is no limit for 529 amount withdrawals. The only requirement is for the withdrawals to be used for qualified expenses. If you're paying for private school expenses for younger children, you can withdraw up to $10,000 tax-free for qualified education expenses for children between K-12.