MEFA Gift of College Card Sales Surpass $1.49 Million, Helping Families Save for College

BOSTON--(BUSINESS WIRE)--Since becoming available two years ago, sales of MEFA Gift of College Cards have exceeded $1.49 million, reflecting strong interest in this innovative college savings gift option.

The MEFA Gift of College Card allows the gift giver to provide funds toward a loved one’s college savings, ABLE, or student loan account in the form of a gift card. It is growing in popularity because it makes it easier to contribute to a loved one’s education. Gift givers no longer need the recipient’s personal or account information. Instead, the recipient of the card redeems it online and transfers the funds into their own college savings, ABLE, or student loan account.

“The MEFA Gift of College Card is an easy and convenient way to contribute toward a loved one’s college education. College savings is a priority for Massachusetts parents, and we can all help them reach their goals by giving the Gift of College Card,” said Thomas Graf, Executive Director of MEFA.

“We're proud to see Massachusetts families embracing such a simple way to help one another save for education,” said Wayne Weber, Founder and CEO of Gift of College. “This partnership with MEFA is a great example of how making saving easier can create meaningful impact.”

The popularity of the MEFA Gift of College Card reflects a growing need among Massachusetts families for support in saving for higher education. According to the 2026 Massachusetts College Savings Indicator Study conducted for Fidelity Investments and MEFA, 77 percent of parents are saving for college and 66 percent rank it among their top financial priorities. Yet families expect to meet only 58 percent of their college savings goals. The Gift of College Card offers family members and friends a simple way to help families narrow that savings gap.

As September marks College Savings Month, Graf encouraged families to remember that every contribution counts.

"Whether families start with a monthly deposit into a college savings account or receive support from grandparents, relatives, and friends through a Gift of College Card, saving even small amounts consistently can make a meaningful difference over time," said Graf.

Of the 3,677 Gift of College Cards purchased to date, most were bought in Massachusetts stores. In-store purchases averaged $420, while online cards averaged a value of $181. Nearly 3,000 of the cards have already been redeemed, with most funds deposited into MEFA U.Fund College Investing Plan accounts.

Parents are encouraged to create a MEFA U.Fund College Investing Plan account for their children at the youngest possible age. Saving early allows investments more time to benefit from compound growth.

To incentivize parents to start saving early, Massachusetts offers the BabySteps and NextSteps programs. BabySteps contributes a $50 seed deposit, provided by the Massachusetts State Treasury, into a U.Fund account opened within the first year of birth or adoption in Massachusetts. For families who miss that window, MEFA provides funding for NextSteps, which offers a one-time $50 matching contribution for eligible new U.Fund accounts opened for children ages 1-3 years old.

The MEFA Gift of College Card is available in the gift card aisles of Cumberland Farms, Stop & Shop, and CVS and online at mefa.org/giftcard.

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 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.