School costs are rising faster than inflation, so it's difficult to know how much parents should be saving for their child's education. That's where Michigan Education Savings Program comes in with their Direct Sold 529 College Savings Plan.
The money put into this program can be used at any accredited institution across the U.S and even abroad. It does not have to be used in Michigan.
Michigan residents may receive a state tax deduction of up to $10,000 in contributions per year for joint tax-filers and up to $5,000 for single tax-filers. Tax free growth and tax free withdrawals apply if it's used for higher education expenses.
The money can be used for tuition and fees, room and board, books, supplies and equipment anything the college requires for attendance.
The best part is anyone can contribute to this account, so it's the gift that keeps on giving. Visit misaves.com to get started with as little as $25 a month.