BANGOR, Maine (NEWS CENTER) -- For parents, the thought of the cost of college can be overwhelming. With tuition costs, plus room and board, can add up quickly. But it's never too early to start saving.
Saturday at Eastern Maine Community College, families were able to come out and learn about the NextGen savings account. Parents received help filling out applications so that they could start saving for their childs future right away.
The investment program has a minimum $50 contribution to open the account, but children under the age of one can receive a $500 grant from the Alfond Foundation, and older children can receive $200.
After signing up it was time to say cheese. Parents received free professional photographs of their child. The pictures could even be be used in future NextGen marketing materials.
Finance Authority of Maine College Access Counselor Myla Tappan explained the importance of starting to save early. "When the babies are young the benefit is that you have the time you have more time available with the compounding interest, money making money on top of itself. What we get excited about is the students and familes that save for college those kids are six times more likely to attend college if they have a savings account," said Tappan.
For more information on how you can sign up, you can visit their website at famemaine.com