What is the NextGen Matching Grant Program?

Article ID: 34132  

Question
What is the NextGen Matching Grant Program?

Answer

Maine has a way to assist families in preparing for higher education costs. The State of Maine offers "The NextGen Matching Grant Program".

Eligible Maine accounts can receive a $200 Initial Matching Grant when opening a NextGen account with just $25 in the Client Direct Series (effective 7/22/2013) or $50 in the Client Select Series, regardless of family income.

Grant Eligibility Requirements

  • The NextGen account was opened since January 1, 2011 for a new beneficiary; and
  • Either the account owner or account beneficiary is a Maine resident at the time the grant is awarded; and
  • The account beneficiary is not eligible for the Harold Alfond College Challenge Grant.

 

What Else Should I Know?

  • The Initial Matching Grant is limited to one per eligible beneficiary.
  • Initial Matching Grant funds may only be used for qualified higher education expenses.*
  • A NextGen account owner may not withdraw Initial Matching Grant funds for twelve (12) months following the opening of the NextGen account.

 Call the Finance Authority of Maine at 1-800-228-3734 or visit www.famemaine.com for more information.

 


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Views: 449 Created on: Jun 15, 2013