
- The minimum deposit is $300 per year to lock in current college costs, though we encourage you to save as much as you can in the program.
- Your child doesn’t have to select a school until it’s time to attend, so you can start saving in the U.Plan now and figure out school choice later.
- The U.Plan is risk-free. If your child decides not to attend a participating U.Plan school, you’ll receive your savings back, with interest and no penalty. That’s win-win.
- The U.Plan is backed by the full faith and credit of the Commonwealth of Massachusetts. So it’s a safe, reliable college savings plan.
- You won’t pay any fees in the U.Plan, or any MA state or federal taxes on your earnings.
- The U.Plan counts as a parent asset when a college financial aid office reviews a family's finances to determine financial aid eligibility, which is good news. The financial aid formula assumes that no more than 5.6% of total parent assets should be used for college costs. So you can save a large amount in the U.Plan and not significantly affect your eligibility for financial aid.
Want a little more explanation? Watch our quick video tutorial. And if you’d like to speak to someone about the U.Plan, gives us a call at (800) 449-MEFA (6332). We want you informed and ready with a plan to save for college.
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