General Information

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U.Plan

The Massachusetts U.Plan Prepaid Tuition Program, not a true 529 plan, issues Massachusetts general obligation bonds (federal and MA state tax-free) which will be accepted at participating Massachusetts institutions in payment of tuition.

Our Ratingx

4 of 5

Fee Scorex

5 of 5

Performancex

N/A

  • Program typePrepaid contract
  • Enrollment periodTypically May and June each year.
  • Inception1995
  • State agency
    Massachusetts Educational Financing Authority (MEFA)
  • Tax deduction

Ratings & Rankings

Our overall rating for MA residents

This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.

Our overall rating for non-residents

This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories.

Financial Benefits

4.00

Features

3.00

Safety

5.00

Reliability

4.00

Eligibility

State residency requirements:

Who can be a participant/owner in the program?

Significant time or age restrictions imposed by the program:

Contributions

Maximum contributions:

Minimum contributions:

Contractual Features

Contract prices:

Available tuition packages:

Benefits for beneficiary attending private or out-of-state institution:

Contract payment options:

Are program benefits backed by the full faith and credit of the state?

Are program benefits collateralized or guaranteed in any other way?

Fees & Expenses

Enrollment or application fee:

Taxes and other Benefits

  • Tax deduction for single filers$1,000/yr
  • Tax deduction for joint filers$2,000/yr

Example

Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.

Program match on contributions:

State tax deduction or credit for contributions:

State tax recapture provisions:

State definition of qualified expenses

State tax treatment of qualified distributions:

State tax treatment of rollovers:

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

Does the program have a formal agreement with a rewards program or outside scholarship program?

Upromise Helps Families Save for College

Upromise Helps Families Save for College

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Account Changes

Policy regarding participant/owner changes:

Contact

Website:

Telephone:

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