Tracking and managing your children’s college education 529 savings plan can now be accomplished in the palm of your hand thanks to the launch of a new mobile app from the Michigan Department of Treasury.
The Michigan Treasury has released the new ReadySave 529, an education savings mobile app available to those who own Michigan Education Savings Program accounts. The new app provides a convenient way to access information, track progress and even make contributions on the fly.
Diane Brewer, Administrator of the Michigan Education Savings Program, says, “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,” and adds, “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.”
Developed by Ascensus, the ReadySave 529 app allows users to view account balances and investment allocations, make one-time or recurring contributions and see how their savings compare with peers. Future launches of the app will add new capabilities like allowing family and friends to make gift contributions as well.
ReadySave 529 is available for download in the Apple and Google Play app stores and can be installed on any device. MESP account owners can log in using their existing username and password.
Managed by TIAA-CREF, Tuition Financing Inc. on behalf of the Michigan Department of Treasury, MESP is considered one of the nation’s top college-savings options, earning silver and gold ratings from Morningstar each year since 2012.
MESP, sold directly to families that are saving for college, offers 18 investment options. The plan, which marked its 20th anniversary last November, has more than 285,000 accounts with total assets exceeding $7.3 billion.
The program is one of three Michigan Section 529 plans, named after the section of the Internal Revenue Code that allowed for their creation. Each plan offers Michigan taxpayers a state income tax deduction on contributions and potential tax-free growth on earnings if account proceeds are used to pay for qualified higher education expenses.
MESP can be used at any eligible college, university or trade school in the nation and some abroad for a variety of qualified higher education expenses, including tuition, fees, certain room and board costs, books, supplies and equipment required for enrollment.
More information about MESP is available at http://MISaves.com or by phone at 877-861-6377.
