MEFA’s U.Fund College Investing Plan has earned a Gold Medal Rating from Morningstar, placing it among the nation’s best 529 college savings plans. Families have been saving in the MEFA U.Fund for 25 years, making it one of the first 529 plans available in the country.
“This is such an honor for the U.Fund and the dedicated teams at MEFA and Fidelity that work to empower families to save as much as they can for the future education of their children. We focus continuously on plan enhancements to help families reach their financial goals,” said Thomas Graf, Executive Director of MEFA.
Morningstar ranked the MEFA U.Fund as one of the top 5 529 college savings plans nationwide. “These Gold-rated 529 plans offer exceptional state stewardship of investor capital and well-constructed portfolios managed by competent investment teams,” according to the Chicago-based financial services firm in its independent, annual ranking of 529 plans.
The U.Fund is offered by MEFA and managed by Fidelity Investments. MEFA is an independent state authority committed to helping students and their families plan, save, and pay for college, postsecondary training, and disability-related expenses.
The U.Fund has over $10 billion in assets under management in 285,000 accounts. Over the last five years, the number of new U.Fund accounts opened annually has grown 73%, showing an increased public interest in saving for college.
“Fidelity has enjoyed a long working relationship with MEFA, and this rating is an exciting recognition of our collective effort to help even more students achieve the dream of obtaining a college education,” said Tony Durkan, vice president, head of 529 college savings at Fidelity Investments. “We’re proud to continue working alongside MEFA to meet the needs of Massachusetts families who are prioritizing saving for college now more than ever.”
The 2024 honors for the U.Fund also include being named one of the “Best 529 Plans of 2024” by Forbes Advisor and “Top-rated 529 plans in 2024” by Business Insider.
Morningstar annually ranks 529 plans based on the assessment of its research analysts and comparison to peer programs. Of 529 plans reviewed this year, 32 plans earned Morningstar Medalist Ratings of Gold, Silver, or Bronze.
About the MEFA U.Fund
The U.Fund offers federal and state tax benefits. U.Fund savings can be used for a wide range of college expenses at accredited schools nationwide, plus tuition expenses for grades K-12, certain apprenticeship costs, and student loan repayments. The U.Fund offers either an age-based strategy or a custom strategy based on the family’s specific investment goals.
For more information on college savings options, visit mefa.org or call (800) 449-6332 to speak to a MEFA college financing expert.
About MEFA
MEFA is a state authority, not reliant on state or federal appropriations, established under Massachusetts General Laws, Chapter 15C. MEFA’s mission, since its founding in 1982, has been to help Massachusetts students and families access and afford higher education and reach financial goals through education programs, tax-advantaged savings plans, affordable loans, and expert guidance. All of MEFA’s work aligns with the ever-present goal to support the independence, growth, and success of Massachusetts students and families. Visit mefa.org to learn more.
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Lisa Rooney, MEFA
[email protected]
(617) 224-4838
