You have probably heard about the $500 Harold Alfond 529 grant for all Maine babies who are under 1 year old. The baby does not have to be
born in Maine, just needs to be in Maine before their 1st birthday and you also need to sign up for the program before their 1st birthday. You do not need to put any of your own money into the account.
If you open a Next Gen 529 plan on or after January 1, 2011 and either you or the beneficiary is a Maine resident, there are 3 other ways to get free money for college.
- Receive a one-time $200 initial Matching Grant if you open up an account for at least $50.
- Receive a $50 automatic funding grant if you sign up for automatic contributions—the automatic contribution must be at least $50
- Receive a NextStep Matching Grant of up to $400. FAME will make a 1/3 Matching Grant on contributions made to the account within the first 24 months the account is opened—to a maximum of $400
Please call and speak with Holly if you would like help setting up a Maine Next Gen 529 College Savings Plan.