May 26, 2018
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Maine expands college-savings plans

The Associated Press

PORTLAND, Maine — Maine’s state-sponsored NextGen College Investing Plan is expanding its options for parents with five new portfolios.

Officials say participants now can invest in several exchange traded fund portfolios. NextGen says it’s the first in the nation to allow that option for self-directed investors.

Typically, exchange traded funds have low costs and hold assets much like a stock index fund. They are useful for providing smaller investors with a diversified exposure to a segment of the market as well as holding some tax advantages.

Finance Authority of Maine CEO Beth Bordowitz says the idea is to give investors choices. NextGen now offers 39 different options for investing for college.

Portland’s three minor-league sports teams — the Sea Dogs, Red Claws and Pirates — will be joining Bordowitz at a future news conference announcing the changes. The teams have opened NextGen scholarship accounts and together will provide 11 scholarships of $1,000 to Maine students.

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