Did you know you may be eligible to receive $50 to put toward your child’s college savings? The NextSteps Program is a college savings incentive program available to individuals who meet certain criteria when opening a U.Fund 529 account. The NextSteps Program is sponsored by MEFA and provides a one-time $50 matching contribution.
As you may already know, BabySteps contributes a $50 seed deposit, provided by the Massachusetts State Treasury, into the U.Fund 529 account of every child born or adopted in Massachusetts within the first year of the child’s birth or adoption. If families miss the eligibility for BabySteps, NextSteps “steps in,” allowing families to still receive $50 into an eligible U.Fund 529 account.
What to Know About Eligibility
To receive the $50 matching contribution through NextSteps:
- The U.Fund account must be opened on or after January 1, 2026
- The child must be a Massachusetts resident
- The child must be no less than one year old and no more than three years old
- The U.Fund account must be the first U.Fund account established for the child
- The U.Fund account must have received at least $50 in aggregate contributions from sources other than the NextSteps Program before the one-year anniversary of the date the account was opened
- The U.Fund account must not have received $50 through BabySteps
How Do I Get Started?
Sign up for a U.Fund account here. We can help if you have any questions.
To receive the funds, all you need to do is open a new U.Fund account and contribute $50 in total before a year passes from the date you opened the account. Once $50 has been contributed, a $50 matched contribution will be added to your account within one month. Please note there is a limit of one NextSteps contribution per child.
Your initial deposit and matching contribution will grow over time. And we encourage you to add additional funds to the account to save even more for college. Setting up automatic deposits into your U.Fund account is a great way to save. And don’t worry if you can’t save enough to cover the entire cost of college—most people can’t, but any amount you can save will help you when the bill comes due.
MEFA, your Massachusetts Educational Financing Authority, is here to help you plan, save, and pay for college, career training, or disability-related expenses through tax-advantaged savings plans, fixed-rate loans, and expert guidance.
Who is Fidelity Investments?
Fidelity Investments helps over 42 million individual investors across the country plan and manage their financial lives. As the professional manager of the U.Fund, they’re ready to help you save for the future.
Let’s Start Now
Click below to sign up for a U.Fund account. If you have any questions or would like assistance, call the U.Fund team, available 24/7, at (800) 544-2776.
