Maine families have surpassed $1 billion in education savings across more than 80,000 NextGen 529 accounts, marking a milestone for the state’s college savings program, the Finance Authority of Maine said.
The accounts include family contributions, Alfond Grants, Maine Matching Grants and investment earnings. FAME has administered Maine’s NextGen 529 program for 27 years, and the program now holds more than $18 billion in assets nationally.
“This $1 billion milestone is evidence of Maine families’ and the state’s commitment to ensuring that Maine people have the opportunity to reach their higher education goals and aspirations,” said Carlos Mello, CEO of the Finance Authority of Maine.
Savings can grow tax-free under federal and Maine law when used for qualified higher education expenses.
“When Harold Alfond created the Alfond Grant, his vision was simple but powerful: every Maine child should have hope for the future and a path to education after high school,” said Colleen Quint, president and CEO of the Alfond Scholarship Foundation.
FAME is a quasi-independent state agency that aims to provide innovative financial solutions to help Maine citizens pursue business and educational opportunities.
