Maine babies to get 529 boost from Alfond Foundation

A Maine foundation set up by the late Harold Alfond, founder of Dexter Shoe Co., is starting a scholarship program that will provide babies born in Maine with a $500 contribution to Maine's NextGen 529 plan. The invested monies will be available to pay for the beneficiary's college expenses.

The Alfond Scholarship Foundation will start on a limited basis in 2008 and roll out to a state-wide program in 2009. Contributions are expected to reach $7-$9 million per year.
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