Matt Gagnon discusses the NextGen 529 college savings plan with Maire Pelletier, a college savings counselor from the Finance Authority of Maine. NextGen 529 is a state-sponsored education savings plan that offers tax-free earnings for educational expenses, including trade schools and apprenticeships. It's particularly beneficial for Maine residents due to grant incentives such as an initial $100 grant for opening an account before a child turns one, a $100 grant for setting up automatic contributions, and a 30% match on annual contributions, up to $300 annually. Mary emphasizes the importance of starting early and saving consistently to prepare for higher education costs.
