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College Savings

Get Ready to Save for College with the U.Plan

Two parents with two children sitting on a couchHave you heard of the Massachusetts U.Plan Prepaid Tuition Program? A powerful savings program—we call it Massachusetts’ best-kept secret—the U.Plan allows families to lock in current prices for college. You read that correctly. By saving in the U.Plan today, you can guarantee that you’ll pay a portion (up to 100%!) of today’s current rates on tuition and mandatory fees, no matter when your child goes to school, at over 70 colleges and universities in the Commonwealth of Massachusetts.

How does it work?

  • When you save in the U.Plan, you will need to designate at least one maturity year, a year your child will attend college. You can use our Maturity Year Selection Guide to determine your appropriate maturity years.

  • If possible, make a 2 or 4-year savings plan by setting funds aside for each maturity year that your child will attend college. Saving for multiple years will give you peace of mind that you have money set aside for each year you’ll need to pay a college bill.

  • Your child doesn’t have to select a college until it’s actually time to attend, so don’t worry about trying to narrow down the list.

  • If your child decides to attend a school out of the U.Plan college and university network, your U.Plan funds will still benefit you. Once your child hits college age, you’ll receive back your original investment, plus interest (calculated at CPI) and no tax penalty, to use however you’d like.

Things to know

  • There are no fees associated with the U.Plan, and no MA state or federal taxes on your earnings (that’s right).

  • Your U.Plan savings qualify you for a MA state income tax deduction – up to $1,000 for single filers and up to $2,000 for married persons filing jointly.

  • There’s no risk with the U.Plan. You’re not investing in the market, and your savings are backed by the full faith and credit of the Commonwealth of Massachusetts.

  • You’ll need a minimum of $300 to get started in the U.Plan.

Join the thousands of families already saving in the U.Plan by opening an account online today. For more information, you can visit our dedicated webpage to learn more about the U.Plan, Massachusetts’ best-kept secret.

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