What happened at this mornings York ME Rotary Club's meeting? We met Marie Pelletier, Counselor at Finance Authority of Maine (FAME). At FAME, she helps students and their families achieve their aspirations of education after high school and fulfill their goals for their future. FAME administers NextGen 529, Maine’s Section 529 plan, which many families use to save for higher education expenses.
NextGen 529 is a college savings plan that allows individuals to invest for higher education expenses in a tax-advantaged way. It's a Section 529 plan administered by the Finance Authority of Maine (FAME).
Benefits of NextGen 529
- Tax-free growth: Earnings can grow tax-free from federal and possibly state income tax
- Grants: Grants are available for Maine residents
- Reduce student loans: Every dollar in a NextGen 529 account doesn't need to be borrowed and repaid with interest
- Reduce taxable estate: NextGen 529 can help reduce your taxable estate
To learn more about NextGen, please visit their website at https://www.nextgenforme.com/