MARQUETTE — The Michigan Education Savings Program, one of the state’s three 529 college savings plans, has marked its 25th anniversary of empowering Michigan families to invest in their children’s educational futures. To date, the program has supported more than 188,000 beneficiaries and issued $6B in qualified withdrawals. This milestone year also brings new opportunities for account beneficiaries as recently enacted state legislation expands the ways in which they can use their MESP funds.

Previously, MESP funds could be used at any eligible college, university, community college or trade school in the U.S. and select institutions abroad for qualified higher education expenses, including tuition, fees, room and board, books, and required supplies. Beginning April 2, thanks to the legislation signed by Gov. Gretchen Whitmer, aligning Michigan’s program with some of the national 529 plan updates under the Secure Act–beneficiaries can also use MESP funds to cover fees, books, supplies, and equipment for apprenticeship programs registered and certified with the Secretary of Labor under the National Apprenticeship Act, as well as to repay student loans subject to a lifetime limit of $10,000 per individual when using a 529 plan.

“For a quarter of a century, MESP has been committed to making higher education more accessible and affordable for Michigan families,” said Diane Brewer, Executive Director for MESP. “With these expanded benefits, we are excited to offer even greater flexibility, ensuring that all students–whether they choose a traditional college path, an apprenticeship, or need support repaying student loans–can have the financial support needed to build their future.”