One-time $50 grant is available to a Maine resident baby named as the beneficiary on a NextGen account before the baby’s first birthday. To claim the $50 First Step Grant, the NextGen account owner must complete and submit the 2008 Grant Certification and the NextGen Account Application.

One-time $200 Initial Matching Grant is available if either the NextGen account owner or the account beneficiary is a Maine resident and the account owner’s federal adjusted gross income in 2007 was less than $75,000. To claim the $200 Initial Matching Grant, the NextGen account owner must complete and submit the 2008 Grant Certification and the NextGen Account Application.

An Annual Matching Grant, matching 50% of amounts contributed to the account in a calendar year up to a maximum annual grant of $200, is available if either the NextGen account owner or the account beneficiary is a Maine resident and the account owner’s federal adjusted gross income in 2006 was less than $75,000. For example, if $200 was contributed in 2007 to an eligible NextGen account, the account can receive a $100 match.
To claim an Annual Matching Grant on the contributions made in 2006, the NextGen account owner must complete the 2008 Annual Matching Grant Certification.
To claim an Annual Matching Grant on the contributions made in 2008, the NextGen account owner must complete the 2009 Annual Matching Grant Certification, which will be available to NextGen account owners in early 2009 .

If either the NextGen account owner or the NextGen account beneficiary is a Maine resident, an amount approximately equal to the annual Maine Administrative Fee (15 basis points) paid during the year is automatically rebated back to the NextGen account in January of the following year. (Only accounts with a balance of $1,000 or more are eligible.)

• Annual account fee waived for Maine accounts (account owner or account beneficiary is a Maine resident).

• Direct Deposit your Maine Income Tax Refunds.

A tax deduction is now available for Maine taxpayers who make contributions to a NextGen plan. The deduction will be effective for the calendar year commencing January 1, 2007. The amount is limited to $250 per designated beneficiary. Taxpayers with incomes of $100,000 or less (if a single filer) and $200,000 or less (for married joint filers or heads of household) are eligible for a tax deduction on the contributions made in 2007.

• Offered through Maine-based financial advisors and financial institutions.

• 10% of the cash portion of NextGen is invested in certificates of deposit at Maine financial institutions to help grow the Maine economy (NextGen has already invested more than $15 million in Maine banks).

The Maine Department of Labor in partnership with FAME and others established the Maine LiLA Program, promoting employer matched individual NextGen accounts to finance lifelong learning so that Maine workers can upgrade their skills and education while meeting the demands of businesses for a skilled workforce. The Maine LiLA Program also provides free advising services to employees to assist in education and career planning through the Maine Career Centers and Maine Women Work and Community.

• NextGen Access Scholarship Program. FAME intends to provide Maine's non-traditional students attending institutions of higher education, with $1,000 scholarship awards. Scholarships are awarded to Maine's neediest students for whom no state grant monies are available.

• NextGen Student Grant Program. FAME provides NextGen Student Grant Scholarships up to $1,000 to Maine undergraduate students whose expected family contribution exceeds the maximum Pell Grant eligibility criteria, but exhibit financial need.

• NextGen BRAC Scholarship Program. Through NextGen, FAME is providing $250,000 in scholarships to workers at Brunswick Naval Air Station (BNAS) who will lose their jobs due to the base closure. This is a one-time $1,000 award for students taking classes beginning spring 2006 on a first-come, first-served basis.