The Finance Authority of Maine is suspending its matching grant program for its college savings accounts for one year, citing troubles due to a rise in participation in the program.
For the past eight years, FAME provided a 50% match for contributions in NextGen college savings accounts, up to $200 annually, but will stop the matching program while it reevaluates its sustainability, according to the Portland Press Herald. Enrollment in the NextGen program has increased 61% because of the Harold Alfond College Challenge, which gives every Maine baby born on or after Jan. 1, 2009, $500 to start a NextGen account.
Currently, 11,590 Maine families have 529 plans, but the amount of money paid in matching grants was not available, according to the paper.
Go to the article from the Portland Press Herald >>
