Finance Authority of Maine to Extend $100 Initial Matching Grant Eligibility to Alfond Grant Recipients through 2021

Published October 15, 2020

FAME announced today that Initial Matching Grant eligibility for Alfond Grant recipients will be extended through 2021. The Initial Matching Grant¹ is awarded to eligible Maine residents when they open a NextGen 529 account and make a $25 contribution to that account.

More information about receiving the Initial Matching Grant:

  • All eligible Alfond Grant recipients who open a NextGen 529 account with the Alfond Grant and make a $25 contribution before 12/31/21 will receive the $100 Initial Matching Grant.
  • Any eligible Maine resident who opens a NextGen 529 with a $25 contribution before 12/31/21 will receive the $100 Initial Matching Grant.

“In these times it is important that we continue to support Maine families as they aspire to plan and save for their children’s future”, said Bruce Wagner, FAME‘s Chief Executive Officer. “By extending the Initial Matching Grant we hope to inspire more families to take the first step and open a NextGen 529 account.”

NextGen 529 is Maine’s Section 529 account, which many families use to save for higher education. The $500 Alfond Grant is just that, a grant that can be used to open a NextGen 529 account. Once a 529 account has been opened, anyone can make contributions to that account as a holiday or birthday gift.

The terms and conditions of the NextStep Matching Grant and the Automated Funding Grant are not changing for 2021.


¹Grants for Maine residents are linked to eligible Maine accounts. Upon withdrawal, grants are paid only to institutions of higher education. See Terms and Conditions of Maine Grant Programs for details about eligibility and other conditions and restrictions that apply at Grants may lose value.