Photogenic Macomb County girl is the new face of college savings in Michigan

Madison Farrell’s fondness for having her picture taken is literally paying off after she received a $1,529 Michigan Education Savings Program (MESP) account as the grand-prize winner of Metro Parent magazine’s CoverKids contest.

Madison, 12, the daughter of Jennifer and Tim Farrell of Macomb Township, will also be featured in upcoming MESP print and television advertisements and appear on the cover of Metro Parent’s June issue.

A seventh-grader at Iroquois Middle School in the Chippewa Valley school district in Macomb County, Madison already dreams of attending college, her mother said.

“She’s excited about winning because she wants to go to college,” Jennifer Farrell said. “We entered the contest just because we thought it was fun, but we are definitely very excited to get that award. This will help a lot.”

A panel of southeast Michigan photographers selected Madison’s photo as the winner from among more than 300 contest entrants. The photo was one Jennifer Farrell took to send to Madison’s grandmother as a birthday greeting.

“We’ve never considered modeling before, but she definitely likes getting her picture taken,” Jennifer Farrell said. 

Jennifer Howey, senior marketing manager for TIAA-CREF Tuition Financing, Inc., said the contest was a fun way to draw attention to an important topic: saving for college. TIAA-CREF Tuition Financing Inc. manages the MESP on behalf of the state of Michigan.

“While Madison and her family are the direct beneficiaries, we’re hopeful that the contest will also have a positive impact by spurring other Michigan families to begin saving for college,” Howey said.

The amount of Madison’s award – $1,529 – is significant because the MESP is what is known as a 529 plan, named after Section 529 of the Internal Revenue Code, which created these types of savings plans.

Also, the contest was designed to coincide with 529 Day – May 29 – created to increase awareness about saving for college.

MESP is administered by the Michigan Department of Treasury, which chose TIAA-CREF Tuition Financing Inc. to manage the plan in November 2000. Since then, MESP has helped more than 105,000 families invest more than $3 billion toward college as of May 2013. TIAA-CREF Tuition Financing Inc. is one of the nation’s largest 529 program managers and currently manages 11 state programs, including Michigan’s.

MESP is one of three Michigan Section 529 plans, all of which offer Michigan taxpayers a state 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, visit MIsaves.com or contact us at 877-861-6377.

Consider the investment objectives, risks, charges and expenses before investing in the Michigan Education Savings Program. Please visit www.misaves.com for a Program Disclosure Booklet containing this and other information. Read it carefully. Investments in the program are neither insured nor guaranteed and there is the risk of investment loss.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals are subject to federal and state taxes and the additional 10% federal penalty tax.  

TIAA-CREF Tuition Financing, Inc., MESP Program Manager