During College Savings Month, MEFA Reinforces the Value of Saving for Higher Education

BOSTON--(BUSINESS WIRE)--September marks College Savings Month, a timely reminder for families across the Commonwealth and beyond to take proactive steps toward their children’s future through saving for higher education. As students and parents settle into a new academic year, findings from Fidelity Investments’ 2025 College Savings and Student Debt Study recently revealed that families across Massachusetts remain focused on the financial realities of higher education.

According to the study, 9-in-10 high school students in Massachusetts view the cost of college as important when choosing where to go to college, with nearly all who plan to take out student loans expressing concerns about the long-term financial impact of that debt. Meanwhile, nearly two-thirds of parents say financial security for their family is most important, with nearly two-thirds voicing concern about market conditions and their ability to finance their children’s education.

“College Savings Month serves as a reminder of the importance of saving for higher education,” said Thomas Graf, Executive Director of MEFA. “MEFA is proud to offer trusted programs and tools that help families plan and save for their children’s future.”

To help families prepare, MEFA offers two trusted college savings programs with range of options. Among them is the U.Fund College Investing Plan, Massachusetts’s official 529 plan offered by MEFA and managed by Fidelity Investments. Designed to help families save in a tax-advantaged way, the U.Fund offers flexibility, investment choice, and tools to support long-term savings goals. In recognition of its strong performance, low fees, and thoughtful plan design, the U.Fund earned a Morningstar Gold Medal rating in 2024, placing it among the top 529 plans in the country.

In addition, MEFA also offers the U.Plan Prepaid Tuition Program, which is celebrating its 30th anniversary in 2025. As one of the first prepaid tuition programs in the country, the U.Plan allows families to save for college at current tuition rates at over 70 public and private colleges and universities across Massachusetts. This unique approach provides a powerful way to protect against future tuition increases while offering flexibility and peace of mind. For three decades, the U.Plan has helped thousands of families plan ahead with confidence, and it remains a valuable option for those seeking a stable, predictable path to college affordability.

“At Fidelity, we recognize the critical role college savings play in shaping a family’s financial future,” said Cory Latham, 529 Managing Director at Fidelity Investments. “Our long-standing relationship with MEFA reflects our shared commitment to helping families save for college in a way that aligns with their goals. During College Savings Month and year-round, we're dedicated to making the dream of higher education more accessible and affordable to families across the Commonwealth.”

The Fidelity Investments study further revealed that, encouragingly, the majority of Massachusetts families have discussed how they’ll pay for college, and those who have saved report feeling optimistic, grateful, and accomplished about meeting their goals—with a third turning to online tools and calculators, like those offered by MEFA, to estimate what they might owe after graduation.

During College Savings Month and beyond, MEFA reaffirms its commitment to helping families prepare for higher education. Families can feel empowered to build a college savings plan that works for their unique goals and circumstances by reviewing MEFA’s wide range of free tools and resources, including calculators, informative webinars, articles, and videos that break down complex financial topics and are tailored to every stage of the savings journey. Find all the tools at mefa.org/save.

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, competitive loans, and expert guidance. All 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.

About Fidelity’s 2025 College Savings & Student Debt Study

This study presents findings of an online survey among a sample of 304 respondents in Massachusetts who are 15 years of age or older and either a current high school student in grades 10-12 (N=151) or a parent of a current high school student in grades 10-12 (N=153). Fielding for this survey was completed between May 22-June 4, 2025, by Big Village, which is not affiliated with Fidelity Investments.