Maine babies born in 2009 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 babies born on or after January 1, 2009. Every Maine resident baby is eligible. A NextGen College Investing Plan® account needs to be opened to receive the grant. There is no income limit or additional money needed to open your NextGen account. However, the account must be opened before the baby’s 1st birthday to receive the grant. 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 them to take advantage of the Harold Alfond College Challenge. We will promote the program to the parents of all babies in our service area.

For more information on the Harold Alfond College Challenge or an enrollment kit can be obtained at www.500forbaby.org or by calling 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! 

Before investing in the NextGen plan, you should carefully consider the investment objectives, charges, expenses and risks of investing in the NextGen Plan. You should also consider whether your home state offers any state tax or other benefits that are only available for investments in such state’s 529 plan. Request a Program Description from FAME by calling 800-228-373 or online at www.500forbaby.org and read it carefully. NextGen is a Section 529 plan administered by the Finance Authority of Maine. Merrill Lynch is the Program Manager and underwriter.