Inclusion in College Savings Plans: Participation and Saving in Maine’s Matching Grant Program

This paper focuses on participants in the NextGen College Investing Plan® Matching Grant Program, an innovation in Maine’s 529 savings plan designed to increase plan participation and post-secondary education savings among low-to-moderate income state resident families. To date, there is little research regarding who benefits from inclusive 529 program features and how effectively these features help participants save. To understand saving among low-to-moderate income individuals in 529s, this study asks three primary research questions:
1. Who is saving in the NextGen® Matching Grant Program?
2. What factors led them to open an account and save in NextGen?
3. What factors are associated with successful saving performance?

Project: Increasing Access to Higher Education: Inclusion in 529 Savings Plans