NextGen offers many advantages:
Reduce student loans and debt
Every dollar in a NextGen account, when used for qualified higher education expenses1, is a dollar that doesn’t need to be borrowed and repaid with interest.
Any earnings in a NextGen account are federal and Maine state income tax-free¹, when used for qualified higher-education expenses.
Account holder control
With a NextGen account, the account owner retains control over the funds in the account. The beneficiary – your child, grandchild, niece, nephew, or anyone else you name – has no access to the assets in the account. Decisions about the account investments and how the funds are used are always in your hands.
Multiple investment choices
NextGen offers multiple investment choices that can help meet your college planning needs.
- Parents, grandparents or even family friends can open a NextGen account. You can even open a NextGen account for yourself and pursue your own post-secondary education!
- Assets in a NextGen account may be used at any U.S. accredited post-secondary institution. Accredited institutions are those eligible to participate in federal financial aid programs, and include some foreign institutions.
- NextGen offers multiple investment choices, and you can move your assets between different investment portfolios, should you find your investment needs change.
Please remember there’s always the potential of losing money when you invest in securities.
You can make contributions of as little as $25 a month and currently up to as much as $425,000 for all NextGen accounts for the same beneficiary. Anyone may make contributions to your NextGen account — parents, grandparents, friends or family.
Make It Easy
Once you open a NextGen account, you can arrange to have contributions automatically made to your account from a checking or savings account, or through payroll deduction. Check with your employer to find out if they can process payroll direct deposits.
Why Enroll Now?