AUGUSTA — Ushering in 2020, a new decade, and to celebrate the 20th Anniversary of NextGen 529, the Finance Authority of Maine (FAME) is announcing updated Grants for Maine residents
Starting January 1, 2020, Maine residents 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 December 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 to the updated matching grants for opening and contributing to a NextGen 529 account, FAME will also continue to offer a $100 Automated Funding Grant to those who make at least (6) 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 8-4:30) once a month on the third Wednesday, starting on January 15, 2020 through May 20, 2020, from 4:30 pm till 8 pm, at 800-228-3734. FAME representatives will help anyone get started on the road to investing in future success.

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