Boston, MA (PRWEB) December 17, 2011
With the holiday season upon us, MEFA is encouraging shoppers to start a new holiday tradition: giving the gift of education by making a contribution to a loved one's college savings fund.
MEFA makes it easy to give to a child, grandchild, niece, nephew or family friend by opening or contributing to an existing U.Fund College Investing Plan, the state's tax-advantaged 529 plan. Simply visit the UFund website ( http://www.fidelity.com/ufundgift) to get started and print out your personalized gift certificate. Gifts of any size can be made to an existing account or open a new account for either $50 or $15 per month with automatic investments (or $45 per quarter).
"Making a contribution to a loved one's college savings account is a gift that will last a lifetime. Long after the toys are broken or lost, a contribution at the holidays, on birthdays and other special occasions will grow and one day help pay for one of the greatest gifts of all, a college degree," said Thomas Graf, Executive Director of MEFA, the state's non-profit authority on college financing solutions. "Saving for college will help to reduce the total amount of loans shouldered by parents and students. It's important to reduce borrowing, because the interest on education loans increases the total cost of college."
Any person can make a contribution to the U.Fund account of any child, as long as they have the proper account information, which can be obtained from the recipient's parent or guardian. Details are available at http://www.fidelity.com/ufundgift. The U.Fund College Investing Plan is offered by MEFA and managed by Fidelity Investments. The U.Fund combines significant tax advantages with professional investment management, making the U.Fund a flexible and affordable way to save for college.
"When your loved one is ready for college, he won't remember the toy you bought him 10 years ago, but he'll thank you for investing in his future," Graf said.
MEFA is a not-for-profit self-financing state authority, not reliant on state or federal appropriation that works to make higher education more accessible and affordable for students and families in Massachusetts. Nearly 30 years ago, MEFA was created by the state legislature at the request of Massachusetts colleges and universities. MEFA provides community education programs, college savings plans, and low-cost financing options. In its nearly thirty year history, MEFA has issued $4.3 billion in bonds and has assisted hundreds of thousands of families in financing a college education.