10 Things Every Maine Family Should Know About College Savings

image of Capitol Building State House Augusta Maine

There are 10 things about college and saving for college that every Maine family needs to know. This infographic design is a great visual explainer of how college savings works (it’s easier than you think), and what the state of Maine is doing to help families.

You can click or tap on the visual below to enlarge it, and keep reading below this infographic design too where you’ll fund a written overview of how saving for college works in Maine.

Maine 529 College Savings Plan Infographic

10 Things for Maine Families to Know About Saving for College

1. By the end of the decade, 70% of jobs will require college degrees or some form of post-secondary education.

2. $33,000 is the average student debt per borrower for the graduating college class of 2020.

3. $275K is the projected cost of a 4-year college degree at an in-state school in 2035.

4. A 529 plan offers your family a tax-advantaged way to save for college and other qualifying higher education expenses. Funds in a 529 plan can go to technical college or vocational school, college or university, trade school, study abroad programs, K-12 private school tuition, books, computers, school supplies, room and board, or even student loan debt.

5. NextGen 529 Plan, College Advantage is Maine’s direct-sold college savings 529 plan.

6. NextGen 529 – Client Series Select is Maine’s advisor-sold 529 colleges savings plan.

7. Out-of-state enrollments are allowed for both of Maine’s 529 college savings plans.

8. $500,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all Maine 529 plan(s) for the same one individual reaches $500K. Funds already invested can remain in the plan(s) and continue to gain interest, but no additional funds may be contributed.

9. $25 is the minimum contribution requirement. A minimum deposit or contribution of $25 is required to find your Maine 529 plan when opening your account.

10. $18,648 is how much more you’ll save (or earn) for college by putting your savings for college in a 529 plan instead of a regular savings account at the bank.

You can also find more information in this article on Maine 529 plan basics, or checking out NextGenForME.com.

Maine 529 plan accounts are eligible to be linked to the free Upromise Rewards program. Across the nation, Upromise has helped families save more than $1 Billion for college. Join free today and start earning cash rebates and other free cash rewards to save for college. Additionally, every month 5 Upromise members win a $529 scholarship for their college child’s fund.

*This assumes a 6% hypothetical rate of return for 529 plans compounded annually and assumes a 0.05% APY or annual interest rate for a savings account. The information in the infographic chart is for illustrative purposes. Funds invested in a 529 plan may see higher or lower rates of return than illustrated in this example.

Check out these College Savings: 529 Plan Basics by State