The Finance Authority of Maine is awarding 16 scholarships for $1,000 each to encourage more people to save money for college.

The scholarships are part of the Invest in Me 2030 initiative announced Friday that aims to have all Maine families saving for higher education by 2030.

The Harold Alfond Foundation automatically awards $500 grants to all babies born as Maine residents for the child’s NextGen 529 college savings account. Once an account is established, parents can get annual tax deductions for the first $250 contributed each year, and the Finance Authority of Maine gives parents a 50 percent matching grant on the first $600 each year.

FAME also launched a new website this summer,, as a student loan resource for Maine families.

People qualify for the scholarships by opening a new NextGen account, contributing to an existing one or signing up on the FAME website. One winner from each Maine county will be selected. FAME, a semi-independent state agency, oversees higher education loans, loan repayments, grants and college savings programs in the state.