Money Matters - Investing for college earns grant money thorugh NextGen

It’s never too early to plan ahead for college for children through Maine’s NextGen 529 college savings plan. The benefits for Maine residents can add up to a lot of money. When you open an account for a child over a year old, get a $200 matching grant with a $50 deposit. For children born this year, they can get an $500 Alfond Grant to be used for higher education. 
 

The second way to get grants in the Next Gen program is to make contribution and get a 50 percent NextStep Matching Grant up to $300 per year. Finally, for those who set up automatic contributions from a payroll or bank account, they receive a $100 automated funding grant. 

“You invest in your child’s future every day, whether cheering them on at school activities, helping with homework or even just offering a supportive hug. Opening and contributing to a NextGen account can help your child succeed too.” 

The money in a 529 plan are earmarked for higher education no matter the age of the student. The money grows tax free and beneficiaries can be changed. 

529 plans can be set up by financial advisors like those at Modern Woodmen in Windham.

For more information on the Alfond, visit www.500forbaby.org. For more about NextGen, visit www.nextgenforme.com.