Give the Gift of a Lifetime
You don't have to do this alone.
Grandparents, relatives and friends can be an excellent source of help with college savings.
Family members and friends may be a good source of assistance when it comes to reaching your college savings goal. They can also open an account or contribute to an existing account for your child or loved one. Their contributions may be eligible for estate and gift tax benefits and they also may be eligible for a state income tax deduction on contributions made to a MESP account if they are a Michigan taxpayer.
A gift to a MESP account can be made for as little as $25 to a new or existing account. Printable gift certificates are also available to make your gift that much more meaningful.
In addition to what you contribute to financing a college education through your 529 plan, there are other sources of financial aid, such as grant aid, education tax credits and deductions, federal loans, and Federal Work Study aid1.
1Table 1. Total Student Aid and Nonfederal Loans Used to Finance Postsecondary Education Expenses in Constant (2008) Dollars (in Millions), 1998-99 to 2008-2009 Trends in Student Aid, 2009, The College Board, 2009-10
