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.
$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.
30% NextStep Matching Grant
Make contributions and get a 30% NextStep Matching Grant up to a $300 match per year.
$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.
Alfond Grant recipients-start saving early and get a $100 boost! Open a NextGen 529 account and add $25 before your baby is a year old and get a $100 Initial Matching Grant!¹
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.
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 2021, the NextStep Matching Grant is awarded by the end of March 2022.
- Grant funds, including any earnings, cannot be transferred to another beneficiary.
- Grant funds can only be used at institutions of higher education that are eligible for federal financial aid.
- When it’s time for your student to use their 529, grant funds can only be paid to the institution of higher education.
- 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.
- 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 Grants 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 details about eligibility and 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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