[00:00:00] The U plan made simple. You probably know that the cost of college keeps going up and up, and you probably know that one of the best ways to plan for the cost of higher education is by saving. What you may not know is that one of the best and safest ways to save for college is with the U plan from MEFA.

The U Plan is a prepaid college tuition program that lets you buy a part of your child’s college tuition. Now, at today’s rates, it’s a safe investment with tax advantages, including a Massachusetts state income tax deduction that helps you keep up with the rising cost of college. The minimum contribution is just $300 every year.

You buy tuition certificates that cover certain percentage of tuition and mandatory fees. At participating, you plan colleges and universities. When you redeem the certificates, they’ll cover the same percentage of tuition and fees, even if the cost of college has gone up. Need an example? Say you contribute $1,500 to the U plan.

This. Year and say that’s about 15% of current [00:01:00] tuition and fees for a year at a given participating school. When your tuition certificate matures, whether it’s five, 10, or 15 years from now, it will still pay for 15% of a year’s tuition and fees at that school no matter how much the actual cost has gone up.

The best part is you don’t have to choose a college ahead of time. And if your child decides not to attend one of the participating colleges, you don’t lose a thing. You’ll get your initial investment back plus interest compounded at the annual Consumer Price Index. Anyone can save with the U Plan. You don’t even have to be a Massachusetts resident, but the best time to start is now.

Because the more you save with the you plan, the further your money goes. Learn more at MEFA.org/you plan.