What is the Harold Alfond College Challenge?
The Harold Alfond College Challenge is a new statewide program that gives a $500 grant to every Maine resident baby born on or after January 1, 2009 to start a college investing account with Maine’s NextGen College Investing Plan®. The Harold Alfond College Challenge Grant (Alfond Grant) is intended to help Maine families plan for education beyond high school.
The Harold Alfond College Challenge is a new program that will provide a $500 grant to every Maine baby to start a college savings account (Maine’s NextGen College Investing Plan) and help Maine families plan for a child’s college education. In 2008, the Harold Alfond College Challenge grants will be limited to babies born at MaineGeneral Medical Center in Augusta and Waterville. The program will be expanded statewide beginning January 1, 2009. The NextGen College Investing Plan is Maine’s college savings program, administered by the Finance Authority of Maine (FAME). The Harold Alfond Foundation brought together FAME and MaineGeneral Medical Center to implement this first-of-its-kind model program in 2008.
