Maine's New College Fund

CHUQ · Posted: Wed Dec 12, 2007 3:00 am Post subject: Maine's New College Fund

I think this is great, at least the money is being used to help future kids and their education.

Starting in 2009, every child born in Maine will be eligible for $500 toward college from the fortune of a shoe magnate who died there last month.

The benefactor, Harold Alfond, who founded the Dexter Shoe Company in Dexter, Me., arranged for his philanthropic foundation to give out the grants. Parents of newborns from Kittery to Caribou will receive applications to open a tax-free college savings account with the money before leaving the hospital, officials at the Harold Alfond Foundation said Tuesday.

LINK

I think people like Gates should be putting their money and stuff into a similar program.
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

Quote:

The Finance Authority of Maine, which will administer the program, estimated that with no additional contribution, each $500 account could grow to $2,000 by 2026.

By 2026 inflation is bound to make that a drop in the bucket, but if parents contribute to the fund, it might be worthwhile.
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CHUQ · Posted: Thu Dec 13, 2007 2:06 am Post subject:

I agree that it is a very small step, but compared to some other states, it is a great thing.
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