U.Plan Enables Families to Save & 'Prepay' for College
BOSTON [May 12, 2014] - As families across Massachusetts think about meeting the future costs of college, the Massachusetts Educational Financing Authority (MEFA) has a solution. A program unique to Massachusetts, the U.Plan Prepaid Tuition Program is open for annual enrollments and deposits through June 30, 2014.
The U.Plan, managed by MEFA, enables families to annually invest college savings in tuition certificates during a two-month enrollment period. The certificates allow families to prepay up to 100% of a child's future tuition and mandatory fees at 80 participating Massachusetts colleges and universities at today's prices, even though the child may not attend college for another 18 years.
"Families generally pay for college over time, either after the fact, through loan and interest payments, or in advance by saving money. Loans increase the cost of college, so we always encourage families to save as much as possible before their child enters college. The U.Plan is a great savings plan with great benefits that allows families to lock in today's tuition and reduce the amount of overall borrowing," said Thomas Graf, Executive Director of MEFA, the state's authority on planning, saving, and paying for college.
Families have a limited time each year to take advantage of this savings opportunity, and that time is now. To learn more about the numerous benefits of the plan call (800) 449.MEFA (6332) to speak directly to a U.Plan customer service representative or visit mefa.org/uplan.
The Massachusetts Educational Financing Authority (MEFA) works to make higher education more accessible and affordable for students and families across the Commonwealth. MEFA's mission to increase access and college affordability is achieved through community education programs, financing expertise on planning, saving, and paying for higher education, and college savings and education loan programs. In its over thirty-year history, MEFA has assisted hundreds of thousands of families finance a college education. A self-financing quasi-public authority, MEFA is not reliant upon state or federal appropriation. Visit mefa.org to learn more or follow MEFA on Twitter @mefatweets and on Facebook at mefaMA.
Public Relations Manager