A new study by Savingforcollege.com cites the Michigan Education Savings Program as having among the lowest expenses of all 55 direct-sold 529 plans in the nation.
According to the website’s 529 Fee Study, the program was among only six widely available state-sponsored 529 plans with at least one stock- or bond-based option with 10-year costs totaling under $300 on a $10,000 initial investment.
Savingforcollege.com said costs include all account maintenance and investment management fees, including the expense ratios of the underlying investments in the plans’ investment portfolios.
The web site also ranks the Michigan Education Savings Program high in investment performance. It says that, as of June 30, the program produced the sixth-best one-year investment performance among all 529 college savings plans nationwide.
The website determined the Michigan Education Savings Program also achieved the tenth-best three-year performance and ninth-best five-year performance.
The website’s 529 Fee Study, based on data as of July 1, determined that families who invested $10,000 in MESP’s lowest-cost investment option would pay $255 in expenses over 10 years, lower than all but five other widely available plans.