If the beneficiary does NOT go to school: you can change the beneficiary' to another college-bound child, or remove the money and pay a penalty, taxes, and forfeit the grants.
First Step Grant - For Maine accounts for babies less than 1 year-old, a $50 gift, regardless of family income
Harold Alfond College Challenge- For Maine babies with accounts opened prior to their 1st birthdays, $500 gift regardless of family income
NextGen Initial Matching Grant- For Maine babies OR for Maine account owners with the owner's federally adjusted gross income less than $75,000, eligible for $200 grant upon opening the account regardless of child's age
Annual Matching Grant- Account owner for baby/child must be a Maine resident and must make less than $75,000 on federally adjusted income; a 50% match is available for contributions of at least $50 with a maximum match of $200
See more information at FAMEMaine.com
Marion R. Syversen, MBA - President
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NextGen Maine's College Savings Plan
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