Word of the Day Wednesday: Participating Colleges and Universities
Each Wednesday, MEFA features a Word of the Day, where we highlight a word (or sometimes a phrase) related to the college planning process. This month, we're focusing on vocabulary related to the U.Plan Prepaid Tuition Program.
Today's Word of the Day is Participating Colleges and Universities.
The U.Plan Prepaid Tuition Program has a network of over 70 participating colleges and universities in Massachusetts, both public and private. You can view the list of network U.Plan schools here. With so many different schools in the U.Plan network, the majority of families who participate in the U.Plan use their savings at one of the over 70 network schools. And if your student does not attend a U.Plan school, you don't lose out. You can cash out your original investment, which you'll receive back with interest added and no tax penalty. When it comes time for your child to go to college, we will work with you to notify the school that your child will attend and send them the payment from your U.Plan account, or cash our your investment and send it directly to you.
Why does this matter to you?
There is a significant and diverse selection of schools that participate in the U.Plan. The U.Plan network includes both public and private colleges and universities, in rural, urban, and suburban settings, and a range of student body sizes. And if your child does not attend a college or university within the U.Plan network, you'll receive your savings back, with interest and no tax penalty, to use for college costs nationwide. The money will be there for you, just when you need it the most.
For more information on the U.Plan, visit our dedicated U.Plan webpage.
Angelina Mancini joined MEFA in 2006 as a member of the Customer Service team and now serves as Manager of Early College Planning. She currently works on the administration of the U.Plan and the U.Fund, assisting families with account service and giving college saving presentations across the Commonwealth.