BAR HARBOR — Starting in January, babies born in Maine began receiving a gift that will help them enjoy a bright future. The Harold Alfond College Challenge Grant, named for the Maine philanthropist, provides $500 for each new baby to start a NextGen® account for education beyond high school.
All new families whose babies are born at Mount Desert Island Hospital receive a packet of information about the grant. The Finance Authority of Maine (FAME) is the administrator of NextGen.
“This is a great program for Maine families,” said the hospital’s president and CEO, Art Blank.
NextGen is the name of the State of Maine’s college savings program (also known as a Section 529 plan). Section 529 refers to the section of the Internal Revenue Code that provides unique tax advantages and other special features to encourage families to save for college.
For more information on the Harold Alfond College Challenge Grant, visit 500forbaby.org.
For complete story, pick up a copy of the Mount Desert Islander.
Nicole Ouellette
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