Using your college savings to pay the bill
This time of year, many families contact us with questions about how to use their college savings to pay for college costs. Every family makes their own decision as to how to allocate their savings to pay the college bill. For some families, using the funds evenly over four years is the right decision. For others, choosing to use it all in one year may be best. Regardless of how you use your college savings, we're happy to help you navigate the process.
Below, you'll find details on using funds from our programs, the U.Plan Prepaid Tuition Program and the U.Fund College Investing Plan. If you have saved in another state's program, it's best to contact that plan's administrator for guidance on using the funds in those plans.
Paying for college with savings from the U.Plan
Funds from the U.Plan may be used to pay for tuition and mandatory fees at one of the 80 network participating colleges and universities in Massachusetts. Here are the steps to use your U.Plan funds:
- To access your funds, complete your U.Plan Distribution Request Form that was mailed to you in April and send it back to MEFA. You can contact us to request a new form. Is your child not attending a participating U.Plan school? No problem. Indicate on your form that you would like to "cash out" and your check will be mailed to you after August 15th.
- MEFA will send the participating college notification in June of the amount that will be credited to the student bill from the U.Plan.
- In August, U.Plan funds will be applied directly to the college bill, and a confirmation letter from MEFA indicating the amount that was sent to the college will be sent to the family shortly thereafter.
Paying for college with savings from the U.Fund
Money withdrawn from your U. Fund 529 account may be used to pay for qualified educational expenses such as tuition, fees, room and board, books, and supplies at colleges and universities nationwide. Here are the steps to use your U.Fund savings:
- Determine if your 529 funds should be sent directly to the college, you, or a third party, such as a payment plan.
- Visit Fidelity's website to download and complete a College Investing Plan Distribution Form and to set up Billpay if you would like funds sent directly to the college or university. Submit the form to the address listed on the form's last page.
- Call (800) 544-2776 to speak to a U.Fund College Investing Plan Representative to get assistance.
Still have questions? MEFA is here to help. Call us at (800) 449-6332 (option #1) to speak to a college savings specialist.
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