MEFA Announces a Gift Card to Help Pay for College
September 11 2024 - 7:00AM
Business Wire
To inspire Massachusetts families during this College Savings
Month and year round, MEFA announced today that the new U.Fund Gift
of College Card is available at CVS locations across the
Commonwealth. The gift card, available in amounts between $25 and
$200, can be redeemed into a college savings or ABLE account, or
applied toward a student loan balance. It’s the perfect gift for
birthdays, holidays, graduations, and other special occasions.
“Gift cards are a popular choice for consumers and now they can
be used to easily contribute money to a loved one’s college savings
account or student loan balance. A U.Fund Gift of College Card will
be a gift appreciated by both students and parents, who tell us
they welcome help from family and friends when paying for college,”
said Thomas Graf, Executive Director of MEFA, the Massachusetts
Educational Financing Authority.
In a recent survey of Massachusetts parents of college-bound
students, 68% said contributions from grandparents and family
members will play an important role in funding their child’s
college education.
The U.Fund Gift of College Card is also an ideal gift for:
- Expecting parents, who after the birth of their baby, can add
the funds to a college savings account for their newborn
- College graduates, who can apply the gift to pay off student
loans
- Individuals with an ABLE account, a tax-advantaged savings
program that helps people with disabilities and their families pay
for disability-related expenses
Transferring the funds from the card to a college savings
account, student loan account, or ABLE account is done online at
giftofcollege.com. MEFA has partnered with Gift of College and CVS
to make the gift cards available.
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 lrooney@mefa.org (617) 224-4838