Updated: November 25, 2019
Letters
To the Editor: Correcting details of FAME programs
We at FAME appreciated the column in the Nov. 11 issue of Mainebiz, “How to navigate tuition assistance and be tax smart,” by contributor Ryan Harney. Thank you for mentioning the NextGen 529, which we administer, and the Education Opportunity Tax Credit, which we help to market and publicize.
There are a few corrections we wanted you to be aware of.
You wrote that one can get a total of $1,100 in grants in Year One: a combination of $500 Alfond Grant, $200 Initial Matching Grant (for opening account), $100 Automated Funding Grant, and $300 yearly grant, which we call the NextStep Matching Grant.
- This is actually incorrect for 2019, because if one receives the Alfond Grant, they are no longer eligible to also receive the $200 Initial Matching Grant upon account opening. And we think it’s important to make clear that an account owner may only receive the maximum $300 NextStep Matching Grant if they make the required contributions (in 2019, the match is 50%, thus requiring contributions of at least $600).
- In addition, there have been some changes to matching grants announced for 2020: the Initial Matching Grant is being reduced to $100, but it will be made available to Alfond Grant recipients upon account opening. And the NextStep Matching Grant is being reduced to a 30% match, thus requiring contributions of at least $1,000 to receive a $300 match.
— William Norbert
Governmental affairs and communications manager
Finance Authority of Maine, Augusta
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