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Glossary

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Account Application
The account application is the application to be completed and submitted to the Michigan Education Savings Program (MESP) along with payment, to participate in MESP. It incorporates by reference the MESP Participation Agreement.

Accredited School
An accredited school is a school that is eligible to participate in certain federal student aid programs. This might be a college or graduate school, or a vocational or trade school. Most major colleges and universities are accredited. Contact your school to determine if it is accredited.

Beneficiary
The Beneficiary is the person named by the Account Owner in the Account Application (or in a Change of Beneficiary form).

Contingent Owner
The Contingent Owner is the person designated by the Account Owner on the Account Application to succeed to ownership of the account upon the Account Owner?s death.

Coverdell Education Savings Account (CESA or ESA)
A Coverdell ESA is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the designated beneficiary of the account.

Custodial Account
An account that is created for the benefit of a minor, with an adult (agent, bank, trust company, or other organization) as the custodian in accordance with applicable state law.

Custodial Account Application
This is an account application used by a Custodian. Download the Custodial Account (PDF, 84KB) application. With Custodial Accounts control of the account transfers to the beneficiary at the age of majority (18 or 21 depending on state).

Custodian
An agent, bank, trust company, or other organization which holds and safeguards an individual?s account assets for him.

Education IRA
See Coverdell Education Savings Account (CESA or ESA).

EGTRRA
EGTRRA is the Economic Growth and Tax Relief Reconciliation Act of 2001, as amended, and the Treasury regulations, pronouncements and publications thereunder.

Eligible Educational Institution
Generally are accredited, post secondary educational institutions offering credit towards a bachelor's degree, an associate's degree, a graduate level or professional degree, or another recognized post-secondary credential.

Entity Account Application
This is the account application used by trusts or estates, business entities, Internal Revenue Code Section 501(c)(3) organizations, or state/local governments. Download the Entity Account (PDF, 112KB) application.

Glossary terms continue:

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NOT SURE WHERE TO BEGIN?

Use the calculators to see how much college will cost and how much you need to save.
Read the FAQ and the MESP Disclosure Booklet and Participation Agreements (PDF, 476KB), or call us toll-free at
1-877-861-MESP (1-877-861-6377).
Open a MESP account today.

Don?t forget you can set up an Automatic Contribution Plan (PDF, 157KB) or use Payroll Deduction (PDF, 60KB) for your contributions (if offered by your employer).

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	Michigan Education Trust

The tax information contained on the Michigan Education Savings Program (MESP) Web site is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed in the Web site. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Consider the investment objectives, risks, charges and expenses before investing in the Michigan Education Savings Program. Please call toll-free 1(877) 861-6377 for a Disclosure Booklet containing this information. Read it carefully.

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.

TIAA-CREF Individual & Institutional Services, LLC, distributes MESP. The State of Michigan, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company's guarantee to MESP under the funding agreement for the Principal Plus Interest Option. Account value will fluctuate based upon a number of factors, including general market conditions.

Investment management, program administration and distribution of The Michigan Education Trust (MET) program is provided solely by the Michigan Department of Treasury. MET is not managed by TIAA-CREF Tuition Financing, Inc. nor is it distributed by TIAA-CREF Individual & Institutional Services, LLC.

The MESP Web site contains links to other Web sites. Neither MESP nor TIAA-CREF Tuition Financing, Inc. and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.