Do you know about Massachusetts’ first statewide college savings program, BabySteps? The goal of this program is to ensure every family has the opportunity for future success!
BabySteps will provide $50 towards every child born or adopted in the Commonwealth upon opening a 529 college savings account. This program is designed to help all parents save for their child’s higher education, and level the playing field for all children in Massachusetts.
A 529 Plan is a special way to save for college that has some tax advantages over a regular savings account. Parents, grandparents, and others can come together to contribute funds to save for a child’s future college education expenses. The child is the beneficiary of this special savings account. When the time comes, the child will be able to use the money to pay for tuition, and possibly textbooks, room & board and other expenses. Some types of 529 Plans specify how the funds must be used.
Don't forget that you can help your child start saving immediately with a Membership Savings account.