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NextGen College Investing Plan -- Client Direct Series
The Maine NextGen College Investing Plan -- Client Direct Series is available through Merrill Edge. The plan utilizes BlackRock (including iShares) funds in its age-based and static options. In addition, the Principal Plus Portfolio and the NextGen Savings Portfolio are available.
In Savingforcollege.com's latest quarterly rankings, this plan ranked in the top 10 for 1-year, 3-year, 5-year and/or 10-year performance.
Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
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Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Finance Authority of Maine (FAME) with investment oversight provided by the State Treasurer
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Through June 30, 2021.
U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.
Accepts contributions until all account balances in 529 plans for the same beneficiary reach $425,000.
With lump-sum contributions, the minimum initial contribution is $25; may be waived for Maine residents eligible for certain grants and the minimum subsequent contribution is $25. With the automatic investment plan, there is no initial contribution required but subsequent automated contributions must be at least $25 per month. All contributions must allocate a minimum of $25 per portfolio.
Choose between two age-based options with six portfolios each. One invests in BlackRock funds, the other invests in iShares ETFs. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.
Select from an iShares fixed-income portfolio, an iShares diversified equity Portfolio, an iShares balanced portfolio, two BlackRock equity portfolios, a BlackRock balanced portfolio, a BlackRock fixed income portfolio, the Principal Plus Portfolio or NextGen Savings Portfolio.
BlackRock, iShares. The Principal Plus Portfolio consists of one or more guaranteed investment contracts issued by one or more insurance companies, deposits in an interest-bearing FDIC-insured bank account at Bank of America, N.A., and to the extent approved by FAME, corporate fixed-income investments and/or similar instruments. . The NextGen Savings Portfolio is comprised of an interest-bearing bank deposit account with Bank of America, N.A.
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
None for the BlackRock Age-Based and NextGen Savings Portfolio; 0.07% for the BlackRock Equity Index Portfolio (no state fee), 0.20% for the iShares portfolios (no state administrative fee).
Ranges from 0.09% to 0.62% (portfolio weighted average) in the age-based and static multi-fund portfolios, 0.11% in the BlackRock Equity Index Portfolio, 0.24% in the iShares Balanced Portfolio. None for the Principal Plus Portfolio and NextGen Savings Portfolio.
0.00% - 0.62%
Taxes and other Benefits
New Maine accounts may be eligible to receive a $200 Initial Matching Grant when the account is opened with at least $25 (one grant per eligible beneficiary, no income limitations). The NextStep Matching Grant provides a 50% match on contributions up to a $300 grant per year (one grant per eligible beneficiary, no income limitations). A $100 Automated Funding Grant is available for accounts that make six consecutive contributions, no less frequently than quarterly, through an automated funding option (one grant per account, no income limitations). Separately, if a beneficiary is eligible for the $500 Harold Alfond College Challenge Grant, the initial contribution is waived when a NextGen account is opened.
Contributions to Maine AND non-Maine 529 plans of up to $250 per beneficiary per year are deductible in computing Maine taxable income for taxpayers with federal adjusted gross income of $100,000 or less (single or married filing separate) or $200,000 or less (joint or head of household).
At the maximum Maine tax rate of 8.5% the tax deduction is worth as much as $20 per beneficiary in Maine tax savings. Because Maine has made the deduction available to contributions to any 529 plan, this value does not have to be factored in when comparing plans.
Qualified distributions from Maine and non-Maine 529 plans are exempt.
Maine follows federal tax-free treatment.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under Maine law, accounts in the Maine 529 plan are not subject to levy, execution, judgment or other operation of law, garnishment or other judicial enforcement, and accounts are not an asset or property of either the account owner or beneficiary for purposes of Maine insolvency laws.
Distributions & Terminations
Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting
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