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New Year brings new matching grants for Maine residents

Jan 13, 2020

Augusta — Ushering in 2020, a new decade, and to celebrate the 20th anniversary of the NextGen 529 college savings program, the Finance Authority of Maine has announced updated Grants for Maine residents.

Maine residents now will receive a $100 Initial Matching Grant after they open a NextGen 529 account and make at least a $25 contribution. And, new this year, those Maine residents with an Alfond Grant can also receive the $100 Initial Matching Grant after they open a NextGen 529 account and make a $25 contribution by Dec. 31, 2020.

And there are more grants for making additional contributions. For those who add to their NextGen 529 account, contributions in a calendar year will receive a 30% match, up to $300 a year, with a NextStep Matching Grant. In addition, FAME will also continue to offer a $100 Automated Funding Grant to those who make at least six consecutive automated contributions from payroll deduction or a bank account.

“We like to tell people ‘Don’t leave money on the table’” said Director of Education Programs Martha Johnston, “because not taking advantage of these grants is truly like leaving money on the table. We are lucky to be in Maine where Maine resident babies get a head start with the $500 Alfond Grant, and where those with NextGen 529 accounts can receive matching grants from FAME when they contribute. It is an amazing program to help spur more Mainers to aspire, save, and pay for education after high school.”

For anyone who has question or needs assistance with opening a NextGen 529 account, FAME will provide open phone lines (in addition to the regularly available phone help offered weekdays from 8 a.m. to 4:30 p.m.) once a month on the third Wednesday, Jan. 15 through May 20, from 4:30 to 8 p.m., at 800-228-3734. FAME representatives will help anyone get started on the road to investing in future success.

About NextGen 529,

NextGen 529 is a Section 529 plan administered by the Finance Authority of Maine. Before you invest in NextGen 529, request a NextGen 529 Program Description from your Merrill adviser or Maine Distribution Agent or call Merrill at 1‐877‐463‐9843 and read it carefully. The program description contains more complete information, including investment objectives, charges, expenses and risks of investing in NextGen 529, which you should carefully consider before investing. You also should consider whether you or your designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan. Merrill Lynch, Pierce, Fenner & Smith Inc., a registered broker‐dealer, member SIPC, is the program manager and underwriter.



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