Maine 529 NextGen College Investment Plan
The 529 Nextgen College Investing Plan provides several investing choices from conservative to aggressive to match just about anyone's investing style.
The Maine Nextgen College Investing Plan allows Maine families to save for college using a number of different portfolios including:
The Maine 529 Program is administered by the Financial Authority of Maine (FAME) that allows you to save for anyone's college education with as little as $250 to open the account and $50 per month. The lifetime contribution limit is $360,000, which is based on college costs and may vary as time goes on. There are no guarantees with this Maine 529 Plan and the account value can fluctuate up or down depending on the individual investments chosen.
Your investment in the Maine Nextgen College Investing Plan will grow federal tax-deferred and state-tax deferred for Maine residents. You also have the option of utilizing the gift tax election which allows you to make a $65,000 contribution in one year and spread it over five years for gift tax reporting purposes.
Harold Alfond College Challenge - Maine babies are eligible for a $500 grant by having a NextGen account opened in their name before their first birthday.
NextGen Initial Matching Grant - If you open a NextGen account after January 1, 2011 with a minimum contribution of at least $50, the account is eligible for a $200 grant.
NextGen Matching Grant - Maine 529 accounts opened on or after January 1, 2011 are also eligible for a NextStep Matching Grant (NMG), which will match one-third of contributions made to the account within the first two years of account opening, up to a maximum total award of $400. Family income doesn't matter for this grant.
Automated Funding Grant (AFG) If you opened the account on or after January 1, 2011, and set up an automatic funding option, the account may be eligible for a one time $50 Automated Funding Grant.
Maine Administration Fee Rebate Program If the account owner or beneficiary are Maine residents, the Maine Administration Fee will be rebated to the account each year.
Account Maintenance Fee Waived for Maine Residents - When the account owner or beneficiary are Maine residents, the account maintenance fee will be waived each year.
State Tax Deduction - Maine taxpayers may deduct up to $250 per beneficiary each year as long as their federal adjusted gross income is less than $100,000 ($200,000 for those filing jointly).
For more information on Maines 529 plan options, visit http://nextgenplan.com.