Grants for Maine Residents¹ are awarded by FAME and designed to encourage families to save. Grants for Maine Residents include the $100 Initial Matching Grant, the $100 Automated Funding Grant, and the (up to) $300 yearly NextStep Matching Grant.  

The $500 Alfond Grant is different—it’s automatically awarded to Maine resident babies by the Alfond Scholarship Foundation (ASF).² FAME helps ASF administer the grant. Families can build on it by opening a NextGen 529 account and adding their own money. Find more information about the Alfond Grant including answers to your frequently asked questions on our Alfond Grant page! 

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. 

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. 

You can make a withdrawal using multiple methods: online, by phone, or by mailing a form. Withdrawals of matching grant funds can only be paid directly to an eligible institution of higher education for current post-secondary expenses. Grant funds, including any earnings, should be used before other funds. 

Learn more about making withdrawals from your Connect Account 
Learn more about making withdrawals from your Direct Account 
Your financial advisor can help you with a withdrawal from your Select Account.  

• 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.

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.