Grants for Maine Residents
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$100 Initial Matching Grant

Get the $100 Initial Matching Grant when you open a NextGen 529 account and add $25.

The Initial Matching Grant is available for accounts with either a Maine resident account owner or student (beneficiary).

OPEN A DIRECT SERIES ACCOUNT
OPEN A CONNECT SERIES ACCOUNT
Bart Portland, ME

What do I do?

How It Works

Receiving the $100 Initial Matching Grant is as easy as 1-2-3.

1. OPEN A NEXTGEN 529 ACCOUNT

Open a NextGen 529 Direct account and contribute $25.

2. GET $100 AUTOMATICALLY

The $100 Initial Matching Grant will be awarded to you automatically by the Finance Authority of Maine (FAME).

3. RECEIVE NOTIFICATION

 FAME will send you a letter telling you that you’ve received the grant. It’s as easy as that!

An Alfond Grant recipient baby can get the $100 Initial Matching Grant when a NextGen 529 account is opened and a $25 contribution is made before the baby’s first birthday.

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What else?

What to Know

The Initial Matching Grant is limited to one per beneficiary and can only be awarded once. All Grants for Maine Residents awarded by FAME can only be used at institutions of higher education that are eligible for federal financial aid. And when it’s time for your student to go to school, grant funds (including any earnings) can only be paid directly to your student’s school.

  • Grants (including any earnings) can’t be transferred to another beneficiary.
  • Although grants will appear on your NextGen 529 account statement, they (and any earnings) remain the property of FAME until they are paid directly to your student’s school.
  • Grants are invested at the discretion of FAME. 
  • FAME invests grants in a Matching Grant Portfolio in one of two age bands (0-15 years and 16+ years) 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.

Which 529 Account Is Right for You?

NextGen 529 offers three types of accounts

Group 545@2x

Simplified Savings

The Connect Account

SIMPLIFIED SAVINGS

The Connect Account

Group 545@2x

Made for those of us who want to open an account ourselves and are looking for a more streamlined, simplified choice.

Connect Account Features:

  • Streamlined investment choices
  • Easy to view account platform
  • Emergency savings option with Vestwell, managed on the same online platform
LEARN ABOUT THE CONNECT ACCOUNT
LEARN MORE
Group 605@2x

SELF-DIRECTED

The Direct Account

SELF-DIRECTED

The Direct Account

Group 605@2x

Designed for those of us who want more choice and control over investment options for an account.

Direct Account Features:

  • Multiple investment options
  • Hands-on account control
  • Self-directed savings choices
LEARN ABOUT THE DIRECT ACCOUNT
LEARN MORE
Group 267@2x

ADVISOR-MANAGED

The Select Account

ADVISOR-MANAGED

The Select Account

Group 267@2x

Created for those of us who prefer to work with a financial advisor and want to customize their investing.

Select Account Features:

  • Multi-manager investment options
  • Advisor and investor account platforms
  • Advisor-managed savings choices
LEARN ABOUT THE SELECT ACCOUNT
LEARN MORE
Compare Account Types

Which 529 Account Is Right for You?

NextGen 529 offers three types of accounts

CONNECT ACCOUNTS

I’m new to investing and want a simplified approach

You want to open an account yourself and don’t want to choose from a lot of investment options. Connect Accounts can be a great way to get started investing for higher education.

LEARN ABOUT CONNECT ACCOUNTS

DIRECT ACCOUNTS

I’ll choose and manage my own investments

You want to open an account yourself and build a college savings plan that works for you. Direct Accounts offer several investment options, offering flexibility to suit your family’s savings goals.

LEARN ABOUT DIRECT ACCOUNTS

SELECT ACCOUNTS

I’ll work with a financial advisor

If you prefer to work with your financial advisor, speak with them about opening a Select Account. Select Accounts offer a wide array of investment options and are offered through a financial advisor.

LEARN ABOUT SELECT ACCOUNTS

CONNECT ACCOUNTS

I’m new to investing and want a simplified approach

You want to open an account yourself and don’t want to choose from a lot of investment options. Connect Accounts can be a great way to get started investing for higher education.

LEARN ABOUT CONNECT ACCOUNTS

DIRECT ACCOUNTS

I’ll choose and manage my own investments

You want to open an account yourself and build a college savings plan that works for you. Direct Accounts offer several investment options, offering flexibility to suit your family’s savings goals.

LEARN ABOUT DIRECT ACCOUNTS

SELECT ACCOUNTS

I’ll work with a financial advisor

If you prefer to work with your financial advisor, speak with them about opening a Select Account. Select Accounts offer a wide array of investment options and are offered through a financial advisor.

LEARN ABOUT SELECT ACCOUNTS

Get Started – Connect or Direct

It’s never too early to start planning. Opening a NextGen 529 account now and saving can make a big difference to your child later. Choose the Account type that’s right for you to get started.

OPEN A Connect Series ACCOUNT
OPEN A DIrect Series ACCOUNT

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