One Family's Story of Saving for College

Maybe you've heard about the Massachusetts U.Plan Prepaid Tuition Program, or even opened an account and started saving, but perhaps you're not yet convinced that it's the best plan for your family. We'd like to introduce you to Carolyn. Like many parents, Carolyn started thinking ahead to college costs when her family was young, and wanted to do what she could to prepare early and avoid significant debt. As she says:

"We worried about how we would pay for our children's college without putting a huge financial burden on them or our family."

Carolyn did her research, and soon found that the U.Plan had everything she was looking for. She explains:

"Looking into options, immediately the U.Plan made sense. Living in Massachusetts, we wanted to take advantage of the fact that so many of the best schools in the country were at our doorstep!"

Carolyn loved all the benefits of the plan, which include investing your money in bonds that aren't subject to market fluctuations, and knowing over 70 public and private colleges and universities in Massachusetts participate. Students also don't have to select a school until it's time to attend. Carolyn also reminds us:

"Locking in rates when tuition costs continue to steadily rise is a tremendous value. Additionally, the tax advantages the U. Plan offered made the decision easy."

Carolyn's first child was accepted to and decided to attend a college in Boston that participates in the U.Plan, and her son also selected a U.Plan Boston school three years later. She says the process of using her U.Plan funds for both children was seamless:

"Over the course of time that they were in college, the U.Plan was so simple to call when we had any questions. The employees were always very knowledgeable and made it easy for us to understand and then use the funds."

It's important to note that even if Carolyn's children had not attended a U.Plan school, she still would have benefitted from the plan. Savers in the U.Plan can opt to receive their funds back, with interest calculated at CPI and no penalty, if the children decide to attend a college outside the U.Plan network.

Carolyn is so grateful for the decision she made so many years ago to save in the U.Plan. She says:

"Now that our family has two graduates that are gainfully employed in careers that make them happy, we reflect on how much the U.Plan has helped us through this journey."

The U.Plan provides a safe and flexible way to save for college. It helps families put today's money toward tomorrow's college costs, while taking advantage of today's prices. As Carolyn concludes:

"It gave us peace of mind that we had everything we needed to ensure a smooth and successful way of paying for college. We are grateful for the U.Plan."

If you have a U.Plan account, log in today and add funds to your savings by July 15^th, which is the date to lock in rates on current tuition and mandatory fees. And if you haven't yet enrolled in the U.Plan, it's easy to open an account and start saving. Visit mefa.org/uplan to begin.