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Every baby born a Maine resident since January 1, 2013, receives a $500 Alfond Grant from The Alfond Scholarship Foundation.² You may use the Alfond Grant to open a NextGen 529 account for your child, with no initial contribution.
If your child doesn’t have a $500 Alfond Grant, you can open a NextGen 529 account with just $25.
However you open a NextGen 529 account for your child, add just $25 and get a $100 Initial Matching Grant!¹
Contributing to your child’s NextGen 529 account can mean additional matching grants:
Contribute to your child’s NextGen 529 account to receive a 30% NextStep Matching Grant up to $300 per year.¹ As an example, save $100 over the course of a year, and your child’s account will receive a $30 Matching Grant! And since gift contributions can be matched, encourage grandparents, family, and friends to give the gift of education by contributing to your child’s NextGen 529 account.
If it’s right for you, set up and make six consecutive automatic contributions from your payroll or bank account of at least $25 per month ($6.25 a week) and get a $100 Automated Funding Grant.¹
Congratulations! You’ve done something great for your child’s future by opening a NextGen 529 account. And by contributing whenever you can and encouraging family and friends to contribute as well, you’ll find that even small amounts can help your child’s dreams come true.
1Grants for Maine residents are linked to eligible Maine accounts. Upon withdrawal, grants are paid only to institutions of higher education. See Terms and Conditions of Maine Grant Programs for details about eligibility and other conditions and restrictions that apply. Grants may lose value.
2The Alfond Grant is not automatic in all circumstances and is also available in limited other circumstances. The use of the Alfond Grant is also subject to certain restrictions–see Alfond Grant Guidelines.