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Automated Funding Grant
Get a $100 Automated Funding Grant when you:
- Set up automatic contributions from your payroll or bank account, and
- Make six consecutive contributions in an amount of at least $25 per month (contributions must be made at least quarterly)
Who is eligible?
- Either the account owner or student (beneficiary) is a Maine resident at the time the grant is awarded.
- The Automated Funding Grant is limited to one per beneficiary.
How do I start making automated contributions?
NextGen 529 accounts can be funded through payroll deduction or automatic contributions from your bank account (Automated Funding Service). Use one of the forms below or log into your account to set up recurring contributions online. Set your automatic contribution amount to $25 per month or more and frequency to at least quarterly to be eligible for the Automated Funding Grant.
DOWNLOAD AUTOMATED FUNDING SERVICE FORM »
DOWNLOAD PAYROLL DEDUCTION FORM »
How is the grant awarded?
The Automated Funding Grant is awarded automatically—no additional paperwork is needed. Once the account has received the required automated contributions, the grant is awarded by FAME. FAME sends a letter to award recipients letting them know they have been awarded the grant.
View Terms & Conditions of Maine Grant Programs for other conditions and restrictions that apply.
Matching Grants are invested at the discretion of FAME. Grants for Maine Residents 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. Matching Grants may lose value.
Although grant funds will appear on the 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. FAME may modify or terminate any matching grant program at any time.
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