MEFA Launches New Gift Card to Support College Savings
MEFA Launches a Revolutionary Gift Card for College Savings
In an effort to support and inspire families during College Savings Month, MEFA has unveiled an innovative solution. The U.Fund Gift of College Card is now available in CVS locations, making it easier for families to contribute to educational expenses. With card values ranging from $25 to $200, it’s a versatile gift option that can enhance a college savings or ABLE account, or reduce student loan balances.
Why the U.Fund Gift of College Card Matters
According to Thomas Graf, Executive Director of MEFA, this card is an appealing choice for consumers, especially during celebratory events. People appreciate assistance in funding educational pursuits, making the Gift of College Card an ideal present for various occasions such as birthdays, graduations, or holidays. Both students and parents value this support, as evidenced by a survey revealing that 68% of Massachusetts parents recognize the significance of contributions from family members.
Who Can Benefit from the Gift Card?
The uses of the U.Fund Gift of College Card are broad, appealing to diverse groups:
New Parents
Expectant parents can take this opportunity to save for their child's future education, adding funds to a college savings account right after birth. It’s a thoughtful gesture that sets the stage for financial planning.
College Graduates
Recent graduates burdened by student loans can utilize the card to make significant payments towards their debts. This gift provides a perfect way for family and friends to help graduates as they embark on their careers.
Individuals with Disabilities
People participating in an ABLE account can also benefit, as these tax-advantaged savings plans support individuals with disabilities in covering essential costs. The card represents financial freedom and peace of mind.
Simple Online Transfers
Transferring funds from the U.Fund Gift of College Card to the desired account is straightforward and can be accomplished online. The collaboration between MEFA, Gift of College, and CVS ensures that these cards are not only accessible but also user-friendly.
About MEFA
Since its inception in 1982, MEFA has been dedicated to providing Massachusetts families with the resources and knowledge they need to navigate the higher education finance landscape. Operating independently from state and federal funding, MEFA offers a variety of programs, including tax-advantaged savings plans and affordable loan options. Their commitment lies in empowering students and families to achieve their educational goals, ensuring a brighter future for all.
Frequently Asked Questions
What is the U.Fund Gift of College Card?
The U.Fund Gift of College Card is a gift card available at CVS that allows contributions to college savings or ABLE accounts, or can be used to pay student loan balances.
How can I use the card?
The funds can be transferred online to your college savings account, student loan, or ABLE account, making it convenient for both the giver and the recipient.
What amounts can the gift card hold?
The U.Fund Gift of College Card can be purchased in denominations ranging from $25 to $200.
Who benefits from using this card?
This card is beneficial for new parents saving for their child's education, graduates paying off student loans, and individuals with disabilities using an ABLE account.
How can I learn more about MEFA?
To understand more about MEFA's services and support, visit their website for comprehensive information on education financing options and resources available.
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