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Grants for Maine Residents

Grants for Maine residents can really add up!

Grants for opening a NextGen 529 account and making additional contributions are real investments in the future. Matching grants are available for accounts owned by a Maine resident or for the benefit of a Maine resident. Grants are limited to one per beneficiary.

$100 Initial Matching Grant

Open your account, add $25 and get a $100 Initial Matching Grant.

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$100 Automated Funding Grant

Set up and make six consecutive automatic contributions from your payroll or bank account and get a $100 Automated Funding Grant.

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30% NextStep Matching Grant

Make contributions and get a 30% NextStep Matching Grant up to a $300 match per year.

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$500 Alfond Grant

The Alfond Scholarship Foundation awards the $500 Alfond Grant to every baby born a Maine resident since January 1, 2013.1 Alfond Grant recipients can use their Alfond Grant to open a NextGen 529 account without making an initial contribution.

New for 2020- Alfond Grant recipients now eligible for the Initial Matching Grant! Open an account and make a contribution of $25 by December 31, 2020 and receive a $100 Initial Matching Grant!

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Who can get Grants for Maine residents awarded by FAME?+

Either the account owner or the student (beneficiary) must be a Maine resident to be eligible for Grants for Maine residents.

Grants are limited to one per beneficiary.

See Terms and Conditions of Maine Grant Programs for restrictions and limitations that apply.

How does FAME award Grants for Maine residents?+

Automatically—no additional paperwork is needed. Once the necessary action (opening an account and funding with $25, making contributions, or completing the required number of automated contributions) has been taken for an eligible account, the grant is awarded by FAME. FAME sends a letter to award recipients letting them know they have been awarded the grant.

For the NextStep Matching Grant, the grant will be awarded in the first quarter of a calendar year for the previous calendar year’s contributions. For example, for contributions made in 2020, the NextStep Matching Grant is awarded by the end of March 2021.

What else do I need to know?+
  1. Grant funds, including any earnings, cannot be transferred to another beneficiary.
  2. While funds in a 529 account can be used for elementary or secondary public, private or religious school tuition federal income tax free (up to $10,000 per year), grant funds can only be used at institutions of higher education that are eligible for federal financial aid.
  3. When it’s time for your student to use their 529, grant funds can only be paid to the institution of higher education.
  4. Although grant funds will appear on your NextGen 529 account statement, all matching grant funds, including any earnings on matching grant funds, remain the property of FAME until used for qualified higher education expenses.
  5. 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.

1 The 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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1 The 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.

MAP2873681