Initial Matching Grant

Grant Eligibility Requirements

• The NextGen account is opened on or after 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 cannot be eligible for the Harold Alfond College Challenge Grant.

What Else Should I Know?

• The NextGen account must be opened with a minimum initial contribution of $50.
• View the Terms and Conditions for other conditions and restrictions that apply.

IMPORTANT NOTICES

Although matching grant funds will appear on the NextGen account statement, all matching grant funds, including any earnings on matching grant funds, remain the property of FAME until used for qualified higher education expenses as defined by the Internal Revenue Code.* 

*To be eligible for favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, such withdrawals must be used for “qualified higher education expenses,” as defined in the Internal Revenue Code.  Any earnings withdrawn that are not used for such expenses are subject to federal income tax and may be subject to a 10% additional federal tax, as well as state and local income taxes.

FAME may modify or terminate any matching grant program at any time.