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Grants for Maine Residents - Initial Matching Grant
Open an account with just $25 and get the $100 Initial Matching Grant!
Who is eligible?
- Either the account owner or student (beneficiary) is a Maine resident at the time the grant is awarded
- The Initial Matching Grant is limited to one per beneficiary.
- An Alfond Grant recipient baby can get the $100 Initial Matching Grant when you open a new NextGen 529 account and a $25 contribution is made before the baby’s first birthday.
How is the grant awarded?
The Initial Matching Grant is awarded automatically—no additional paperwork is needed. Once the account has been opened and funded with at least $25, 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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