Grants for Maine Residents
Matching grants can really boost your savings! Grants are available for accounts with either a Maine resident account owner or student (beneficiary).
GRANTS FOR MAINE RESIDENTS
It’s Good to Be a Mainer
There’s grant money available for Maine residents. These grant programs can really boost your savings.1
$500 Alfond Grant for Maine Babies
$100 Initial Matching Grant
$100 Automated Funding Grant
30% NextStep Matching Grant
Get Started – Connect or Direct
It’s never too early to start planning. Opening a NextGen 529 account now and saving can make a big difference to your child later. Choose the Account type that’s right for you to get started.
HAVE A QUESTION?
FAQs
Get answers to frequently asked questions about grants. Don’t see your question? Contact NextGen 529.
Who can get Grants for Maine Residents?
Either the account owner or the student (beneficiary) must be a Maine resident to be eligible for Grants for Maine Residents. Grants are awarded by the Finance Authority of Maine (FAME).
Grants are limited to one per beneficiary.
See Terms and Conditions of Maine Grant Programs for restrictions and limitations that apply.
How are Grants for Maine Residents awarded?
Automatically! FAME awards grants after your account has received the necessary qualifying contribution(s). FAME will send you a letter or an email telling you that you’ve received a grant.
Please note, the NextStep Matching Grant is awarded in the first quarter of a calendar year for the previous calendar year’s contributions.
What is the Maine Administration Fee Rebate Program?
If either the NextGen 529 account owner or the account beneficiary is a Maine resident, an amount approximately equal to any Maine Administration Fee paid during the year will be automatically rebated to eligible accounts in the following year. To qualify, on the last business day of the calendar year the account must have a balance of at least $1,000 and must be invested in a Portfolio subject to the Maine Administration Fee. The minimum rebated amount is $2.00; amounts less than $2.00 will not be paid.
What else do I need to know?
- Grants (including any earnings) can’t be transferred to another beneficiary.
- Grants can only be used at institutions of higher education that are eligible for federal financial aid. And when it’s time for your student to go to school, grant funds can only be paid directly to your student’s school.
- Although grants will appear on your NextGen 529 account statement, they (and any earnings) remain the property of FAME until they are paid directly to your student’s school.
Matching Grants are invested at the discretion of FAME. Grants for Maine Residents awarded by FAME are invested in a Matching Grant Portfolio in two age bands: a 0-15 years age band followed by a 16+ years age band, based on the age of the student (beneficiary). Investments involve risk. Grants for Maine Residents may lose value.
View the Terms and Conditions of Maine Grant Programs for other conditions and restrictions that apply.
1Grants for Maine Residents are linked to eligible Maine accounts. An Alfond Grant recipient is eligible to receive the $100 Initial Matching Grant if the minimum required initial contribution is made before the beneficiary’s first birthday. Upon withdrawal, grants are paid only to institutions of higher education. See Terms and Conditions of Maine Grant Programs for other conditions and restrictions that apply. Grants may lose value.
2The 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.
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