529 Day

Did you know that May 29th is nationally celebrated as 529 Day, a day to recognize 529 College Savings Plans? Why are 529 Plans such a great way to save for college?

Because they’re flexible, tax-advantaged plans solely designed to encourage saving for future college costs. They can be used to pay for tuition, room & board, fees, school supplies, books, and even a computer if the college requires one. The funds can be used at any accredited (2- and 4-year) college or university nationwide, as well as several schools abroad. Additionally, family and friends from all over the world can contribute to an existing account. The Massachusetts 529 Plan is the U.Fund, which is offered by MEFA and managed by Fidelity Investments. According to data from the College Savings Plans Network, 529 Plans reached record levels in 2013, with investments topping $227 billion and with 11.6 million accounts open.

MEFA will have a day-long celebration this Thursday, May 29th to celebrate 529 Day. There are many opportunities to engage with us and join the celebration; stop by the MEFA office (160 Federal Street in Boston) to talk with a college financing expert any time throughout the day or join us for a seminar at noon. If you are unable to join us in Boston, watch our saving for college webinar at 10am –register now! For younger families, we’re sponsoring a Start U.Reading Event at the Brookline Public Library – visit with Elmo and read together! We’ll also be talking college savings all day long on social media. If you have a question, be sure to write on our Facebook wall or Tweet us using #MA529Day. For more info on how MEFA will be celebrating, check out the website now.