UNDATED - Fees are going down for the Michigan Education Savings program. M-live.com reports management and servicing fees for the so-called 529 plan range from point-2 percent to point-3 percent, down from an average of point-35 percent.
Contributions into the plan are tax deductible and investment earnings are tax-free as long as they're used for eligible higher education expenses.
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.
