The Maine 529 College Savings Plan – NextGen College Savings Plan
Maine 529 College Savings Plan – NextGen
About: NextGen is Maine’s Section 529 plan. 529 plans are designed to help families prepare for college. Any earnings in a Section 529 plan are tax-free, when used to pay for qualified higher education expenses. The Maine NextGen College Investing Plan — Client Direct Series is available through Merrill Edge. The plan utilizes BlackRock funds in its age-based and static options. In addition, the Principal Plus Portfolio and the NextGen Savings Portfolio are available.
Phone #: 1-877-463-9843
Investment Options: Investors can choose between two age-based options with six portfolios each. One invests in BlackRock funds, the other invests in iShares ETFs. 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.
Tax Benefits: A deduction is not available for contributions made in tax years beginning after December 31, 2015. Contributions to Maine AND non-Maine 529 plans through the end of 2015 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 $200,000 or less (joint or head of household).
State Residency Requirements: No state residency is required to participate in Maine 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.