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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 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 a paper form or log into your account to set up recurring contributions online. Set your automatic contribution frequency to at least quarterly to be eligible for the Automated Funding Grant.
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.
What else do I need to know?
- 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.
View the Terms and 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.
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