Many parents worry about how they will pay for their children’s college tuition. In Maine, the NextGen College InvestingⓇ Plan has helped many Maine families to relieve some of this anxiety. Since 2002 the NextGen College InvestingⓇ Plan has been a way for parents & guardians to save money for their children’s education. In recent years, the program has gone a step further by offering matching funds. This has made an even bigger impact in the lives of Maine students. According to Bruce Wagner, the CEO of FAME, approximately 5,000 new accounts are opened each year. A recent announcement by the Finance Authority of Maine (FAME) celebrates the 16,000 Maine families with NextGen accounts that received matching funds in 2015.
In addition to NextGen accounts, there is another option that new parents can take advantage of to start saving for college, which has been part of the success of the matching program-the Harold Alfond College Challenge Grant. This additional grant provides a $500 grant to all babies born as Maine residents. This money can be used as the first deposit when opening a NextGen account. In addition, several of the matching grant amounts have increased, which encouraged additional participation this year. A NextGen account is available to open anytime during the year.
Information on how to open an account and the qualifications are available at the NextGen College InvestingⓇ Plan website. Take a look if you would like to know if your child qualifies for the Harold Alfond College Challenge. By saving today, you can insure your children will have access to education in the future.