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.