BOSTON, September 22, 2009 – Massachusetts students may be able to jumpstart their college savings by entering MEFA's 6th Annual College Savings Art Competition and depicting what they want to be when they graduate from college. Over $20,000 will be awarded via MEFA U.Fund College Investing Plans to nine winning entries.

The art competition promotes college savings by encouraging students to dream about their futures and how college can help them succeed. Encouraged by parents, teachers and librarians, about 2,500 students entered last year's competition.

“Our goal is to inspire students to dream about college while also encouraging parents to start saving for college. MEFA offers two great ways to save for college, the U.Fund and the U.Plan, that can help families start saving early and avoid college loans later on,” said Thomas Graf, Executive Director of MEFA.

Massachusetts students in grades 3, 4 and 5, in private, public, charter, and home-based schools, have until 5:00 p.m. on November 20, 2009 to submit their artwork. First, second and third place prizes will be awarded in each grade level and winners will receive $5,000, $2,000 and $1,000 respectively. The money will be deposited in the student’s name into a U.Fund College Investing Plan account, the Massachusetts 529 college savings plan offered by MEFA and managed by Fidelity Investments.

In addition, schools of participating students in Massachusetts will have an opportunity to win $500, $300 and $100 gift cards for school supplies. The winning schools will be selected based upon the highest percentage of eligible students who enter from each grade level.

In the past five years, MEFA’s College Savings Art Competition has received more than 12,000 entries and awarded $120,000 in contributions to U.Fund College Investing Plan accounts of 45 prize recipients.

Further information about the art competition, including the entry form, official rules and eligibility requirements, are available at www.mefa.org/contest.

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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 approximately $3.8 billion in bonds and has assisted hundreds of thousands of families in financing a college education.

The U.Fund College Investing Plan is offered by MEFA and managed by Fidelity Investments. If you are not a resident of Massachusetts, you may want to investigate whether your state offers its residents a Plan with alternate tax advantages.

Units of the Portfolios are municipal securities and may be subject to market volatility and fluctuation. See a Fact Kit for more details on the U.Fund College Investing Plan.

Brokerage services for the U.Fund College Investing Plan are provided by Fidelity Brokerage Services LLC, Member NYSE, SIPC, 300 Puritan Way, Marlborough, MA 01752