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
Families who checked the box on their Parent Worksheet for a birth certificate at the hospital must still open a U.Fund 529 plan account to be eligible for the $50 deposit. Families who did not check the box are also still eligible for the $50 deposit.
Eligible U.Fund 529 plan accounts will receive their free $50 deposit approximately 6 weeks after they are opened. The account creator has 30 days from account opening to opt out of the program if he or she does not want to receive the $50 deposit.
Note: Families of children born or adopted prior to January 1, 2020 can open a U.Fund 529 plan account but are not eligible for the $50 seed deposit.