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Although grant funds will appear on the NextGen 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.
¹ To be eligible for favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, such withdrawals must be used for “qualified higher education expenses,” as defined in the Internal Revenue Code. Any earnings withdrawn that are not used for such expenses are subject to federal income tax and may be subject to a 10% additional federal tax, as well as state and local income taxes.
FAME may modify or terminate any matching grant program at any time.