MESP Marks 25 Years, Invests in Michigan Students Through Fostering Futures
The Michigan Education Savings Program (MESP), a state-sponsored 529 college savings plan administered by TIAA, recently commemorated its 25th anniversary with a $25,529 donation to the Detroit-based Fostering Futures Scholarship Trust Fund. the contribution, designed to match donations up to $25,529, will directly benefit young adults with experience in the foster care system currently pursuing higher education at Michigan colleges and universities.
Jennifer Burke, director of Education Savings at TIAA, emphasized MESP’s commitment to accessibility. “MESP has been dedicated to helping Michigan families save for education for a quarter of a century, and we are thrilled to mark this occasion by supporting students who overcome significant challenges,” Burke stated.”we believe every student deserves a pathway to achieve their educational goals.”
The program’s impact is substantial: as of August 31st, MESP has assisted over 198,220 beneficiaries and distributed $6.48 billion in qualified withdrawals. Recent legislative changes further enhance MESP’s value, expanding eligible expenses beyond traditional tuition to include apprenticeship programs and student loan repayment, providing increased financial adaptability for families.
The Fostering Futures Scholarship Trust Fund has been instrumental in supporting former foster youth since 2012,raising over $1.4 million to date. donations to the fund are tax-deductible. Individuals interested in learning more or contributing can visit FosteringFutures-MI.com.
