NextStep Matching Grant

Grant Eligibility Requirements

• The NextGen account is opened on or after January 1, 2011 for a new benficiary; and
• Either the account owner or account beneficiary is a Maine resident at the time the grant is awarded.

What Else Should I Know?

• FAME will make NMG awards totaling one-third of contributions made to eligible accounts within the first 24 months of account ownership. Awards will be applied by FAME at least every six months. Eligible accounts can receive awards of up to $100 in the first six month period, up to $200 minus any amount previously awarded in the second six month period, up to $300 minus any amount(s) previously awarded in the third six month period, or up to $400 in the aggregate.
• View the NextStep Matching Grant 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 earnings on matching grant funds if any, 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  Any earnings withdrawn that are not used for such expenses are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes.

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