Jennifer Savio
It's never too early to start thinking about saving for your child's college education and a prepaid plan offered in Massachusetts can help you do that.
Kathy Anderson, Massachusetts Educational Financing Authority (MEFA)
"It's a safe investment."
It's called the "U. Plan." And it let's you pre-pay up to 100% of your child's future college tuition at today's rates.
Kathy Anderson, Massachusetts Educational Financing Authority (MEFA)
"What that means is families can buy a percentage of tuition today and it will be worth that same percentage when their child enrolls in college."
There's no fee to sign-up. All you need is $300 to start the fund. Then you make contributions during the set time period.
Kathy Anderson, Massachusetts Educational Financing Authority (MEFA)
"The annual enrollment period is the only time that we accept contributions. So it is May 1st through June 30th each year."
The plan's colleges are all in Massachusetts, but you don't need to pick a specific one when you enroll.
Kathy Anderson, Massachusetts Educational Financing Authority (MEFA)
"There are 80 participating institutions in the U. Plan. And they are both public and private."
If your child doesn't go to one of the participating schools, you get your money back with interest.
And that makes cents.
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