Maine babies can start a college investing account with a $500 grant from the Alfond Scholarship Foundation. Harold Alfond wanted to encourage generations of Maine families and their children to pursue college or education beyond high school. As a result, he created the Harold Alfond College Challenge. It was his hope that families, communities and businesses would rise to the challenge of investing in the future and educational aspirations of Maine’s children.
The Harold Alfond College Challenge is for all Maine resident babies. A NextGen College Investing Plan® account needs to be opened on or before the baby’s first birthday to receive the grant. There is no income limit or additional money needed to open your NextGen account. Once the account is established, additional funds can be added at any time by anyone for the benefit of the child’s higher education.
Here at Maine Medical Center, we expect that more than 2,600 babies will be born this year! We want to encourage the families of each and every one of those babies to take advantage of the Harold Alfond College Challenge. We are dedicated to introducing the program to the parents of all babies in our service area.
For more information on the Harold Alfond College Challenge or to enroll, visit www.500forbaby.org or call 1-800-228-3734.
Babies are so special. And with this $500 grant, there’s no telling how far a child can go with the gift of a great start so don’t miss this opportunity! The Alfond Grant is awarded to a NextGen account. NextGen is a Section 529 plan administered by the Finance Authority of Maine (FAME). Before you invest in NextGen, request a NextGen Program Description from your Maine bank or financial advisor, or call FAME at 1-800-228-3734 and read it carefully. The Program Description contains more complete information, including investment objectives, charges, expenses and risks of investing in NextGen, which you should carefully consider before investing. You also should consider whether your home state or your designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s 529 plan. Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer, Member SIPC, is the program manager and underwriter.