(AP) A pilot program starting Jan. 1 at MaineGeneral Health hospitals will establish a $500 college savings account for every newborn at the Augusta and Waterville hospitals. The program will expand statewide a year later, and earlier if the pilot program goes well.
Alfond, who made his money from the Dexter Shoe Co. he founded, gave more than $100 million to hospitals, colleges and other charitable causes in Maine, before died at age 93.
Under the program being announced Tuesday, each newborn’s $500 will be invested in a college tuition account through the state’s NextGen program. Investments in those accounts grow tax-free if they are used to pay for college tuition.