First Step Grant

All Maine newborns are eligible for a $50 Grant!

The NextGen First Step Grant Program was established to help Maine families take the First Step toward saving for a college education.

Beginning January 1, 2009 the NextGen First Step Grant Program will terminate. Any Maine resident baby born in 2008, who is named as the beneficiary on a NextGen account before the baby’s first birthday, is eligible to receive a $50 First Step Grant to open a NextGen account, regardless of family income. Other terms and conditions apply.

Who is Eligible?
A Maine resident baby who is named as a beneficiary of a NextGen account before the baby's first birthday.
What Else Should I Know?

  • Only one First Step Grant per NextGen beneficiary will be awarded.

  • In order to receive a First Step Grant, the NextGen account needs to be opened, the baby named as the beneficiary to the account, and the 2007 First Step Grant Certification is received by FAME on or before the baby’s first birthday.

  • NextGen account owners receiving a $50 First Step Grant can open a NextGen account with an initial contribution of $200; or if the account owner elects to fund the account through payroll deduction or automated contributions, use the $50 First Step Grant to open the NextGen account.  No other contribution is required to open the account.

  • If the NextGen account owner meets the Initial Matching Grant eligibility requirements, use the $50 First Step Grant to open the NextGen account and receive a $200 Initial Matching Grant.  No other contribution is required to open the account. 

  • Upon verification, FAME will deposit the $50 First Step Grant directly into the eligible NextGen account within 120 days after receipt of the Certification.

  • See the First Step Grant Terms and Conditions for other restrictions that may apply.

2009 Annual Matching Grant Program:  You may apply for a 50% annual matching grant (up to a $200 award) on the contributions made in 2008 to your NextGen account when the 2009 NextGen Annual Matching Grant Certification becomes available in January of 2009.

Take the First Step . . .
   start college savings early.
How to Receive the Grant:

  • Complete the 2008 NextGen Grant Certification. Be sure to check all boxes that apply and sign the Certification.

  • If this is a new NextGen account, complete a NextGen Account Application.

  • FORWARD IN THE SAME ENVELOPE:

    • 2008 NextGen Grant Certification; and

    If this is a new NextGen account:

    • NextGen Account Application; and

    • Initial contribution:

    • If you are also requesting a $200 Initial Matching Grant, complete that section of the 2008 NextGen Grant Certification (no other initial contribution is required);

    • If you are not claiming an Initial Matching Grant and did not elect automated contributions at this time, include an initial contribution check in the amount of $200, made payable to “NextGen College Investing Plan FBO [designated beneficiary].

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

Overnight/Ground Delivery:
NextGen College Investing Plan
c/o Finance Authority of Maine
5 Community Drive
Augusta, ME 04330


Information & Downloads:
 
IMPORTANT NOTICES:

Although account grant funds may appear on your NextGen account statement, all grant funds, including earnings on grant funds, remain the property of FAME until used for qualified higher education expenses.

FAME may terminate the NextGen First Step Grant Program at any time and may not be able to or may choose not to fund all grant requests.

To the extent possible, NextGen grants will be applied by FAME at least quarterly to eligible accounts.