Before selecting a college, it’s important to evaluate the costs and benefits of each option. Massachusetts is home to some of the most well-known colleges and universities in the world, but many cost over $20,000 to attend. Payscale.com released a list of the best value colleges in Massachusetts, based on total 4-year costs, graduation rates, typical years to graduate, average loan amount and median pay.

Parents can plan ahead for college costs by investing in a 529 plan. 529 plans offer tax-deferred investment growth and tax-free distributions when the funds are used to pay for qualified education expenses at an eligible post-secondary education institution. This includes public and private colleges and universities nationwide, and many foreign schools.

Massachusetts residents can open a 529 plan in almost any state, but Massachusetts offers special incentives for residents who use a Massachusetts 529 plan. Massachusetts residents may be eligible to deduct contributions to MEFA’s U.Fund from state taxable income ($1,000 per individual, $2,000 if married filing jointly). MEFA U.Fund accounts that are opened for babies and newly adopted children in Massachusetts are eligible for a $50 seed contribution through the BabySteps Saving Plan.

Families can open a MEFA U. Fund account online or by clicking the enroll now button.