Calculating and Awarding Annual Matching Grants

  • An eligible NextGen account owner must submit the signed Annual Matching Grant Certification to FAME no later than the close of business December 31 annually (or the first business day thereafter if December 31 is a weekend) for a grant related to funds contributed in the most recently completed calendar year.

  • Upon receipt of the signed Annual Matching Grant Certification, FAME will verify the NextGen account owner’s eligibility by determining whether the applicable NextGen account has received at least $50 in contributions in the previous calendar year.  If eligible, FAME will calculate 50% of all amounts contributed to the NextGen account in the previous calendar year and award a NextGen Annual Matching Grant of up to $200. 

    • FAME excludes the initial $50 contribution made to the NextGen account receiving an Initial Matching Grant when calculating the Annual Matching Grant award to the NextGen account.

    • Neither amounts contributed through a matching grant nor earnings on a matching grant are considered when determining eligibility for the annual matching grants.

  • If eligible, FAME will notify the NextGen account owner with a letter of eligibility.  If ineligible, FAME will notify the account owner with a letter of explanation. 

  • FAME will forward the calculated matching grant amount to the Program Manager for processing and investment of funds within 120 days from the date the matching grant certification was received at FAME.

    • Matching grant funds awarded to a NextGen account are invested in the Matching Grant Portfolio and will remain the property of FAME until withdrawn for qualified higher education expenses.

    • All matching grant funds will be invested at the discretion of FAME.  The account owner has no ability to direct the investment of matching grant funds.

  • The Program Manager will mail a trade confirmation to the account owner once matching grant funds have been invested in the NextGen account.  Matching grant funds will appear as an investment in the Matching Grant Portfolio on the NextGen account statements.

  • See the Annual Matching Grant Terms and Conditions for other restrictions that apply.

Send Certifications to:


NextGen College Investing Plan
c/o Finance Authority of Maine
PO Box 949
Augusta, ME 04332-0949