Massachusetts' BabySteps Program Boosts College Savings with Private Donor Support
The BabySteps program in Massachusetts, launched on January 1, 2020, is a public-private initiative designed to encourage college savings among families. It builds on the earlier SeedMA program by offering a $50 incentive to families who open a U.Fund 529 college savings account with Fidelity Investments within a year of their child's birth or adoption. The program, which has amassed over 60,000 accounts and a total balance exceeding $1 billion, was significantly supported by philanthropist Bob Hildreth. Hildreth's contributions helped fund the initial deposits for the first 6,000 children enrolled. The program also includes a component for families enrolled in the Supplemental Nutrition Assistance Program (SNAP), providing additional monthly deposits to encourage savings among lower-income families. 
