Fees go down for Mich. Education Savings Program

By: The Associated Press
By: The Associated Press

LANSING, Mich. (AP) - Fees are going down for the Michigan Education Savings Program.

MLive.com reports management and servicing fees for the so-called 529 plan range from 0.2 percent to 0.3 percent, down from an average of 0.35 percent.

State Treasurer Andy Dillon negotiated the decrease with the program's manager. The annual fees amount to $2 to $3 for every $1,000 in investments.

Contributions into the plan are tax deductible and investment earnings are tax-free as long as they're used for eligible higher education expenses.

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