Massachusetts’ BabySteps Savings Plan offers $50 deposit to all children born after 1/1/2020!
With Massachusetts’ BabySteps Savings Plan, every child born or adopted in Massachusetts after January 1, 2020 will be eligible for a free $50 deposit into a college savings account.
The BabySteps Savings Plan is Massachusetts’ first statewide seeded college savings account program. BabySteps jumpstarts families into saving for their children’s future college and vocational costs as soon as they enroll.
With the launch of BabySteps, every child born or adopted on or after January 1, 2020 who is a Massachusetts resident will be eligible to receive a $50 seed deposit into a U.Fund 529 College Investing Plan account. Families simply need to open a U.Fund account within one year of their child’s birth or adoption to receive their funds.
To be eligible to receive the $50 college savings seed deposit provided by BabySteps, a child must:
- Be a Massachusetts resident
- Be born or adopted on or after January 1, 2020
- Adopted children must complete the Adoption Verification Form
- Be named the Beneficiary on a U.Fund 529 College Investing Plan account within one year of birth or adoption
To receive your $50 seed deposit, simply open a U.Fund 529 College Investing Plan account after your baby has been born or your child has been adopted. You will need the Social Security number or Tax Identification Number of both the account owner and the Beneficiary in order to open your U.Fund account.
More questions? See a list of common FAQs here.