Helping to Make the Dream a Reality!
A one-time $50 grant is available to Maine babies to start a NextGen account, regardless of family income.
To qualify, the baby must be a Maine resident baby and named as the beneficiary on a NextGen account before the baby’s first birthday. Other terms and conditions apply.
To claim the $50 First Step Grant, the NextGen account owner must complete the 2008 NextGen Grant Certification. FAME will award the $50 First Step Grant to eligible NextGen accounts only after the account is opened and account number assigned.
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.
Harold Alfond College Challenge
A one-time $500 grant is available to all Maine babies to start a NextGen account, regardless of family income.
To qualify, the baby must be a Maine resident born on or after January 1, 2009, and named as the beneficiary on a NextGen account before the baby’s first birthday. Other terms and conditions apply.
FAME will automatically award the $500 Alfond Grant to eligible NextGen accounts only after the account is opened and account number assigned.
NextGen Initial Matching Grant
A one-time $200 Initial Matching Grant is available to eligible Maine families to start a NextGen account.
To qualify, either the NextGen account owner or the account beneficiary must be a Maine resident and the account owner’s federal adjusted gross income in 2007 was less than $75,000.
To claim the grant, the NextGen account owner must complete the 2008 NextGen Grant Certification. FAME will award the $200 Initial Matching Grant to eligible NextGen accounts only after the account is opened and account number assigned.
A 50% Annual Matching Grant is available to NextGen eligible NextGen accounts receiving contributions of at least $50 in a calendar year, for a maximum annual match for any one beneficiary of up to $200.
To qualify, either the NextGen account owner or the account beneficiary must be a Maine resident and the account owner’s federal adjusted gross income in the previous year was less than $75,000.
To claim a 50% matching grant on the contributions made in 2008 to a NextGen account , the NextGen account owner must complete the 2009 Annual Matching Grant Certification, which will be mailed to NextGen account owners in early 2009. For example, if $400 is contributed in 2008 to an eligible NextGen account, the account can receive a $200 match in 2009.
Employer matches to NextGen accounts to help employees finance lifelong learning.
The Maine Department of Labor, in partnership with FAME and others,established the Maine LiLA Program (Lifelong Learning Accounts) to help Maine workers 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.
To qualify, the employer must agree to participate in the program and the employee must open a NextGen account as the account owner and be named as the account beneficiary.
If either the NextGen account owner or the 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.)
FAME will automatically deposit the fee rebate into the NextGen account each year.
NextGen Student Grant Program
FAME provides NextGen scholarships to Maine undergraduate students whose expected family contribution exceeds the maximum Pell Grant eligibility criteria, but exhibit financial need.
NextGen Access Scholarship Program
FAME provides NextGen Scholarships to Maine’s non-traditional student-beneficiaries attending institutions of higher education. The scholarships will be awarded to Maine’s neediest students for whom no state grant monies are available. FAME worked closely with the financial aid community to implement the scholarship criteria and award procedures. Scholarships awards are up to $1,000 per student.
NextGen BRAC Scholarship Program
Through the NextGen College Savings Plan, 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.
Tax Deduction
Individuals who file Maine state income tax returns may deduct up to $250 per beneficiary for their contributions to a NextGen account during the year. The taxpayer must have a federal adjusted gross income of $100,000 or less ($200,000 or less for joint filers or heads of household).
Other Maine Benefits
Account Maintenance Fee Waived for Maine Residents. The annual account maintenance fee is waived on accounts when either the account owner or the account beneficiary is a Maine resident.
Investments in Maine. A percentage of the cash portion of the NextGen Funds is invested in the
Certificates of Deposit at Maine financial institutions to help grow the Maine economy. NextGen has already invested more than $21 million in Maine banks.
Offered through Maine-based financial advisors and financial institutions
Direct Deposit Maine Income Tax Refunds.
