MESP Reduces Fees, Unveils Web Site

The Michigan Department of Treasury and TIAA-CREF Tuition Financing, Inc. announced a reduction in fees of the Michigan Education Savings Program (MESP).

Effective October 25, 2010, the total annual asset-based fee, which covers the cost of operations, investment management and marketing of MESP, was reduced from 0.45% to 0.35% per year. The Principal Plus Interest Option continues to be offered without a fee, according to a press release.

MESP also recently unveiled a new Web site ( that includes:

  • e-Delivery of statements and disclosure information
  • Online withdrawals
  • College Savings Planner to project potential tax savings and college savings goals
  • Informational Webinars to learn about MESP
  • iPhone and Android applications available

The Michigan Education Savings Program has close to $2.5 billion in assets (as of November 4, 2010) since its launch in November, 2000.