Saving for College

sponsoredpostgraphicWe spent a super fun day at the Newburyport Riverfest Music Festival last weekend. Newburyport is an historic New England town right next to the ocean. There were boats, music, free samples and fun brand booths to explore on a gorgeous sunny Labor Day weekend. I went to the U.Fund Dreams Tour Tent first!

The U.Fund Dreams Tour is a Massachusetts specific event. It is hosted by MEFA (the Massachusetts Education and Financing Agency) in conjunction with Fidelity, who manages MEFA’s Massachusetts 529 plan. The 529 plan is a tool for parents in Massachusetts to save for college for their kids. You can see all the 529 plans by state here.

The U.Fund Dreams Tour Tent had a green screen where kids (and parents) could pick a scene and props to visually see what they could be when they grow up! I totally have a chance at a second career…right?

{Hopefully, my husband and kids think of me as a Mom Rock star everyday when the laundry gets done!}

My kids each picked a possible career path that did not shock me. My son loves planes, trains, cars and anything that goes fast. So, he definitely loved this picture of himself that he now displays proudly in his bedroom!

My daughter picked the doctor scene. She definitely, even at the age of two, has the potential for a career in medicine! After all, her Mommy used to be the Acting General Counsel for the Massachusetts Board of Registration in Medicine back in the day.

I still have dreams of being in politics. (If I can survive the politics of the school PTA!)

But the question always comes down to how to pay for it. My son had some thoughts (and so did my daughter) on how much college will cost and how to pay for it.

Needless to say, according to the materials I got from the U.Fund Dreams Tour Booth, college is not as inexpensive as my son thinks! With the average cost of college in 20 years expected to be about $252,000 and private college $379,000, every dollar saved is essential, and having an experienced financial institution attempting to grow each and every dollar, is a big benefit.

By putting your money into a 529 plan, you are not limited to in-state schools, and the money in your 529 account can be used to pay for tuition, fees, room board, books and supplies. When you withdraw the money, you pay no federal or state income tax on the money you have earned in your account! (Though check with your state for specific details!)

I think the biggest thing to note, is that saving for college and putting your money into a 529 plan has low impact on your child’s chances (or your chances) of getting financial aid per various rules and laws. Though always speak to a financial counselor based on your own financial picture!

The MEFA 529 Plan doesn’t have any state residency requirements so check them out to see if the Massachusetts 529 Plan is right for your family! And let me now how your saving for college. Let’s share some ideas!

(Oh, and for the record, Daddy AND I are both earning money to pay for college. LOL!)

 
Disclosure Language: I’ve partnered with Fidelity & MEFA for this post in support of the U.Fund Dreams Tour. As always, all thoughts and opinions are my own.
 

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About Charlene DeLoach

As a Boston Mom Blogger in Massachusetts, Charlene DeLoach doesn't care about the megapixels on a smartphone. She only cares about whether it will survive being in the hands of her kids.

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