Asset Building Financial Inclusion Report

Saving for College in Maine’s Matching Grant Program: Account Owner Experiences

This is the second of a two-part study of low-to-moderate income families saving for postsecondary education through the NextGen College Investing Plan® (NextGen®). NextGen is the State of Maine’s 529 savings plan which provides individuals with a structured method of saving for higher education. The Matching Grant Program is an innovation within NextGen, specifically designed to help low-to-moderate income families save. This paper presents findings from interviews with 10 account owners. Account owner experiences and perceptions of NextGen offer participants’ views of the program and inform future discussions of how to increase 529 savings plan participation and saving among low and moderate income families.

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

Citation

Mason, L. R., Clancy, M., Sherraden, M. S., & Han, C-K. (2006). Saving for college in Maine’s matching grant program: Account owner experiences (CSD Research Report No. 06-04). St. Louis, MO: Washington University, Center for Social Development.