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College Savings

Join us for 529 Day

Friday, May 29th is National 529 Day. (See what we did there?) National 529 Day is a day dedicated to raising awareness about saving for college, specifically 529 plans.

What are 529 plans?

    • 529 Plans are plans specifically created with tax incentives to help parents save for college. They are among the most flexible, easy to use, and effective ways of saving for college. Think 401K except for higher education instead of retirement.

    • And it's not just tuition. You can use a 529 plan to pay for any qualified educational expense: tuition, fees, room and board, books, and/or transportation.

    • They can also be used at any accredited college in the country and even some foreign schools.

    • Anyone can add to your child's 529 plan. If you have the U.Fund, the Massachusetts 529 plan, Fidelity has developed an online gifting page that you can set for your child so family and friends can add funds online.

    • It's easy to get started. You can start an account with just $50 down or a monthly withdrawal of as little as $15.

What's happening on 5/29?

Because saving for college is so important, our focus is on getting the word out about these great programs. 529 Day gives us a chance to spotlight those efforts. Join us for one or more of our 529 Day events, including:

    • An in-house Saving for College Info Session at 12:00pm at our downtown Boston office on the 4th floor of 160 Federal Street. RSVP now.

If you can't make any of these events, check out our Facebook page or follow us on Twitter using #MA529Day in the days leading up to 529 Day for great college savings information.

Jonathan Hughes joined MEFA in 2001 as a Loan Counselor and now serves as Team Lead in the Customer Service, assisting customers and schools in all matters related to MEFA loans, the U.Plan, and general financial aid counseling. He also conducts seminars at high schools and colleges on college financing and the importance of saving.

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