MESP Launches Mobile Phone App

The Michigan Education Savings Program has launched a new smartphone application that allows investors to instantly manage their account from virtually anywhere at no additional cost.

"MESP is dedicated to making saving for college as easy as possible, and this new tool, along with MESP's other technological advancements will allow users to manage their accounts more effectively," said Douglas Chittenden, President of TIAA-CREF Tuition Financing Inc. 

MESP is administered by the Michigan Department of Treasury, which chose TIAA-CREF Tuition Financing to manage MESP more than 10 years ago. Since then, MESP has helped more than 105,000 families invest over $2.5 billion towards college.

Users who download the new MESP application can make contributions, view account balances, see recent transactions, withdraw funds, or change their investment options.  The application is available for the following devices: iPhone, iPod Touch, Android, Palm Pre, Pixi and Blackberry Torch.

MESP's smartphone application is part of an array of technological enhancements introduced to investors during the past year. MESP launched a new Web site in October that helps potential investors learn more about MESP and provides account owners more tools to manage their account including online withdrawals and electronic delivery of statements.  MESP has also added a college planner calculator) for iPhone and Android owners to project their potential tax savings or their own personal college savings needs.

For potential college savers, MESP now offers additional ways to learn more about the Program online including a recorded Webcast, interactive live Webinars offered weekly, and Web chats aired through WXYZ-TV. The Webinars offer prospective investors a way to learn about the program and interact with a live presenter from the comforts of their home or at work during lunch.

"These new enhancements will extend MESP's history of providing a variety of tools and services to assist customers across all communication platforms – from mail, telephone support, and Web," Chittenden said.  "Although we are proud to offer these e-tools for our tech-savvy investors, MESP will also continue to provide a high level of quality and personal service to those investors who still prefer to communicate with a consultant or attend on-site presentations in the community."

MESP was ranked among the nation's five best Section 529 plans in 2010, according to Kiplinger's Personal Finance magazine. MESP is "best for conservative investors," according to the Kiplinger's survey, which is based on an analysis of investment performance figures for thousands of 529 portfolios nationally. The Michigan Department of Treasury  renewed the contract with TIAA-CREF Tuition Financing, Inc. for a two-year renewal for a second time in March, 2010. TIAA-CREF Tuition Financing, Inc. is one of the nation's largest 529 program managers and currently manages nine state programs across the nation, including MESP.

MESP is Michigan's direct sold Section 529 college savings plan, which offers Michigan taxpayers a Michigan income tax deduction on contributions and potential tax-free growth on any earnings if account proceeds are used to pay for qualified expenses. MESP can be used at any eligible college, university or trade school in the nation for a variety of qualified expenses including tuition, mandatory equipment, fees, certain room and board costs and books. Limitations apply. See the MESP Disclosure Booklet for details.

To learn more about MESP, to sign up for a Webinar, or to download the new smartphone application, visit www.misaves.com.