To withdraw matching grant assets for qualified higher education expenses the account owner must complete a Matching Grant Withdrawal and Certification Form and submit it with the NextGen Withdrawal Request Form.

• Current Account Information
  Provide information about the account owner (you) and the account beneficiary (the student).

• Payment Instructions

  Make Check payable to - Check the applicable box.

  Method of Payment - Check one of the four boxes in this section:

  • Participant (account owner)
    Account owners can reimburse themselves for the qualified higher education expenses paid on behalf of the account beneficiary. Checking this box instructs the Program Manager to issue a withdrawal check made payable to the account owner. The advantage of this payment method is that the account owner has the opportunity to make a copy of the check (when it arrives) and keep both the check copy and the 1099Q along with the school bill with the tax returns as evidence of having made a qualified withdrawal. NOTE: The account owner will be considered the "distributee" and the 1099Q will be issued in the account owner’s name.

  • Designated Beneficiary
    Checking this box instructs the Program Manager to issue a withdrawal check made payable to the account beneficiary. NOTE: The account beneficiary will be considered the "distributee" and the 1099Q will be issued in the beneficiary’s name.

  • Eligible Institution of Higher Education
    Checking this box instructs the Program Manager to issue a withdrawal made payable and sent directly to the school. IMPORTANT: Provide a VERY complete mailing address, down to the building number and room number (to the attention of a person's name if possible). Notify the school that payment is forthcoming, confirm the delivery address, and ask the school to confirm receipt. NOTE: The account beneficiary will be considered the "distributee" and the 1099Q will be issued in the beneficiary's name.

  • Section 529 Program (Rollovers)
    Checking this box instructs the program manager to issue the withdrawal check payable to the state 529 plan identified in this section. The check will provide the principle and earnings breakdown on the check stub. NOTE: The account owner will be considered the "distributee" and the1099Q will be issued in the account owner’s name.

  • Wire Transfers
    Complete this section only if you wish to have the withdrawal wire transferred to a financial institution.  Note:  Wire transfer requests are subject to a $30 fee, which will be deducted directly from the NextGen account..

• Source and Amount of Withdrawal
  

  Indicate whether this is a full or partial withdrawal and whether the distribution is due to the death or disability of the beneficiary.

  • If a full withdrawal, check the box and move on to Section 4.

  • If a partial withdrawal of assets check the box and insert the dollar amount you wish to withdraw. If your NextGen account is invested in more than one portfolio, you may select the dollar amount or the percentage of your withdrawal amount.

• Signature
  Sign and Date. Keep a copy of the completed form for your record.
  
  RETURN THE COMPLETED FORM TO FAME:

  FAME will overnight the Withdrawal Request Form for processing.

  
  

  Mailing Address:
  NextGen College Investing Plan
  c/o Finance Authority of Maine
  5 Community Drive
  PO Box 949
  Augusta, ME 04332-0949
  

Once the Withdrawal Request Form is received by the program manager, it can take up to 3-4 business days to process the withdrawal check. Withdrawal checks are prepared and mailed directly from New Jersey. If the withdrawal check has not arrived at its destination within 10 business days from the time the Withdrawal Request Form is forwarded to FAME, the account owner should contact a FAME NextGen Representative for assistance in tracking the withdrawal.