Unlocking Opportunity
The first recipients of the Alfond Grant are getting ready for life after high school. Your student may be one of those Mainers who received a $500 Alfond Grant at birth.1 Now what? Here’s what you need to know about the Alfond Grant—and how to navigate the exciting path towards education after high school.
The Alfond Grant: $500 for Maine Children
The Alfond Grant is named for and was started by Harold Alfond, a Maine businessman and philanthropist. Mr. Alfond wanted all Maine students to get a head start on paying for higher education. Mr. Alfond hoped the $500 Alfond Grant would inspire families to also save for their student’s higher education.
The Alfond Scholarship Foundation operates the program and the Finance Authority of Maine (FAME) helps the Alfond Scholarship Foundation administer the Alfond Grant.
To be awarded the Alfond Grant, Alfond Grant recipients born between 2008-2012 had to have a NextGen 529 account opened for their benefit.
Eligibility
Does my student have an Alfond Grant?
Here are a few ways you may know if your student has the $500 Alfond Grant:
If your student was born as a Maine resident between 2009 – 2012 (or born at MaineGeneral in 2008) they would have received the Alfond Grant if a NextGen 529 account was opened prior to their first birthday.
If your student was born as a Maine resident in 2013 or later, they have automatically been awarded the Alfond Grant!1
Not sure if your student has the Alfond Grant, a NextGen 529 account or both?
Call FAME at 207-623-3263 or 800-228-3734; TTY: 207-626-2717
A Partnership in Opportunity
What is NextGen 529?
NextGen 529 is Maine’s Section 529 plan. A 529 plan is an investment plan primarily designed to help families save for education after high school. Many families use the $500 Alfond Grant to open NextGen 529 accounts and jumpstart savings.
Check Value
What is My Student’s Alfond Grant Worth Now?
The Alfond Grant was $500 when it was awarded. However, its value may have changed over time.
Students born between 2009-2012 (and 2008 for students born at MaineGeneral), received the Alfond Grant, if a NextGen 529 account was opened prior to the student’s first birthday.
Students born a Maine resident in 2013 or later were automatically awarded the Alfond Grant.1
If your student has a NextGen 529 account, you can view the Alfond Grant amount there.
If your student doesn’t have a NextGen 529 account, you can view the value of your Alfond Grant at a website managed by FAME.
If you haven’t already done so, you will need to create an online profile, verifying important information (the birth mother and child’s name as it is listed on the legal birth certificate, hospital name, and date of birth).
HAVE A QUESTION?
FAQs
How do I know if my student was awarded an Alfond Grant?
Children born between 2009-2012 (and 2008 for babies born at MaineGeneral), received the Alfond Grant, if a NextGen 529 account was opened prior to the child’s first birthday.
Children born a Maine resident in 2013 or later were automatically awarded the Alfond Grant.
Who do I contact to find out if my student has an Alfond Grant?
Contact FAME at 207-623-3263 or 800-228-3734; TTY: 207-626-2717. You can also email at: NextGen529@FAMEmaine.com. If your child has an Alfond Grant (and no NextGen 529 account) they probably receive the Alfond Grant Update four times during the year. If your child/student has an Alfond Grant linked to a NextGen 529 account, they probably receive the NextGen 529 Quarterly Summary four times during the year.
What is my student’s Alfond Grant worth now?
The Alfond Grant was $500 when it was awarded. However, its value may have changed over time.
Children born between 2009-2012 (and 2008 for babies born at MaineGeneral), received the Alfond Grant, if a NextGen 529 account was opened prior to the child’s first birthday.
Children born a Maine resident in 2013 or later were automatically awarded the Alfond Grant.
If your child has a NextGen 529 account, you can view the Alfond Grant amount there.
If your child doesn’t have a NextGen 529 account, you can view the value of your Alfond Grant at a website managed by FAME.
If you haven’t already done so, you will need to create an online profile, verifying important information (the birth mother and child’s name as it is listed on the legal birth certificate, hospital name, and date of birth).
What can an Alfond Grant be used for?
The Alfond Grant can be used to pay for qualified higher education expenses at eligible higher education institutions. This includes a long list of expenses associated with higher education such as tuition, fees, books, supplies required by your school (including computers!) and required equipment.2
You can use the Alfond Grant at any schools that participate in federal student aid programs. There are many types of schools that qualify–two-year colleges such as community colleges–public and private, four-year colleges and universities–public and private, career schools (also known as trade or vocational schools) and eligible online schools. The Alfond Grant needs to be used by the child’s 28th birthday.
I have the Alfond Grant. How do I save more?
Families can save their own money for higher education by opening a NextGen 529 account and making contributions. The NextGen 529 account can be opened anytime, and families can add money when they’re ready. There is no minimum contribution, and the account offers tax advantages and many investment options. Once the account is open, family, friends, grandparents, and employers can also contribute to the child’s account!
Explore + Plan
What Do I Do Now?
What can’t you do! The Alfond Grant and other money you may have saved helps give your student opportunities to learn after high school. But how can you plan for the future? Here are some resources that can help you and your student prepare for what’s next.
1The Alfond Grant is not automatic in all circumstances and is also available in limited other circumstances. The use of the Alfond Grant is also subject to certain restrictions – see Alfond Grant Guidelines. The Alfond Grant may lose value.
2To be eligible for favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, such withdrawals must be used for “qualified higher education expenses,” as defined in the Internal Revenue Code. Any earnings withdrawn that are not used for such expenses are subject to federal income tax and may be subject to a 10% additional federal tax as well as state and local income taxes. Upon withdrawal, the Alfond Grant will be paid only to institutions of higher education.
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