BabySteps provides every child born or adopted in Massachusetts $50 for college.
Did you know you may be eligible to receive $50 to put toward your child’s college savings? The funds are provided through the BabySteps Savings Plan, which contributes a $50 seed deposit into a U.Fund 529 account.
How Does It Work?
To receive the $50 deposit, a MEFA U.Fund 529 College Investing Plan account must be opened in the child’s name within one year of birth or adoption.
To be eligible:
- The child must be a Massachusetts resident
- The account must be opened within one year of the child’s birth or adoption
- The child must have been born on or after January 1, 2020
How Do I Get Started?
Sign up for a U.Fund account here. We can help if you have any questions.
To receive the funds, all you need to do is open a new U.Fund account, and the $50 will automatically be deposited—there’s no contribution from you required. You’ll receive your free $50 deposit within a few weeks. There is a limit of one BabySteps contribution per child.
Your $50 deposit will grow over time. And you can also add additional funds to the account to save even more for college. Setting up automatic deposits into your U.Fund account is a great way to save. And don’t worry if you can’t save enough to cover the entire cost of college—most people can’t, but any amount you can save will help you when the bill comes due.
SNAP into BabySteps
Families enrolled in SNAP can also receive a monthly deposit of $10 into their MEFA U.Fund 529 account for one year. This is in addition to the $50 BabySteps deposit. Learn more.
Who is MEFA?
MEFA, your Massachusetts Educational Financing Authority, is here to help you plan, save, and pay for college or career training through tax-advantaged savings, fixed-rate loans, and expert guidance.
Who is Fidelity Investments?
Fidelity Investments helps over 42 million individual investors across the country plan and manage their financial lives. As the professional manager of the U.Fund, they’re ready to help you save for the future.
Let’s start now.
Click below to sign up for a U.Fund account. We can help if you have any questions.
You’ll receive your free $50 deposit within a few weeks.
