How to Open an Account
A NextGen 529 Direct Account is a great way to plan for your child’s education after high school. You can open a Direct Account online, but there are a few things you should have handy before you begin. Read on to find out what you’ll need to get started.
So. Portland
GETTING READY
What You’ll Need
Set aside some time to open an account—an hour will be plenty! Have these items on hand before you start.
INFORMATION ABOUT YOU
- Social Security number
- Date of birth
- Valid mailing and email addresses
- Employment information (including company name, address, and start date)
- General household financial information (including annual income and household net worth)
INFORMATION ABOUT THE STUDENT (BENEFICIARY)
- Social Security number
- Date of birth
- Valid mailing address and phone number
- General household financial information
NEXT STEPS
What to Expect
Here’s what you’ll do as you go through the process of opening a NextGen 529 account.
1. LEARN ABOUT NEXTGEN 529
Read the Program Description and check out our FAQs to learn about investing with NextGen 529.
2. VISIT MERRILL EDGE
Once you use the Open NextGen 529 Account button below, you will leave this website and be brought to the Merrill Edge® website, where you will open your account online.
3. PROVIDE INFORMATION
You’ll provide information about yourself and the beneficiary. You are the account holder and the beneficiary is the person who will benefit from the account (the student).
4. CHOOSE INVESTMENT
Get to know the different types of investment options you can choose when you open a NextGen 529 account. There’s investment information available during the process, or get our investment options overview.
5. MAKE A PLAN TO SAVE
Most account owners need to add $25 to their NextGen 529 account immediately after opening the account. Or if you choose automatic funding, you can arrange to contribute a smaller amount, regularly.
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
“I’m a father to two wonderful 3-month-old twin boys (identical). My wife and I are 26. I opened up the boys’ accounts just weeks after they were born. NextGen 529 allows for us and our extended family to easily make contributions for their future and benefit from the grants that are available through FAME. “
Caleb J Warren
Hampden, ME
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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