Maine Students to Get College Savings Account at Birth
December 11, 2007
by Kevin Ladd
Harold Alfond, founder of Dexter Shoe Company, inventor of the factory outlet store and longtime philanthropist has arranged for every child born in central Maine to have a college savings account established in their name upon birth. Eventually, this program will include all children born anywhere in the state.
Alfond died last month at age 93 and, over the course of his life, had donated over $100 million dollars to hospitals, colleges and numerous other charitable causes in Maine. This latest philanthropic act, presumably the last in a long line of generous efforts, will begin with a pilot program on January 1, 2008 at Maine General Health hospitals. Every newborn at the Augusta and Waterville Maine General hospitals will have an account set up in their name with a beginning balance of $500 and it will spread statewide the following year, possibly sooner if it does well. Under the program, each newborn's $500 will be invested in a college tuition account through Maine's NextGen program.
Mr. Alfond, who's wife died in 2005, is survived by a brother, a sister, a daughter, three sons, 13 grandchildren and 16 great-grandchildren.