Babies born in Maine receive $500 college donations
New parents of babies born in Maine are receiving a $500 donation from Harold Alfond, founder of Dexter Shoe Company, to begin a college nest egg. Harold Alfond never attended college himself, obviously a decision he regrets, so he is taking steps to ensure others have the opportunity to go to college.
At current interest rates, this generous donation will be worth about $2,000 in 18 years. However, a monthly deposit by parents and loved ones of $50 will increase this nest egg to roughly $25,000 by the time your new baby is ready to use it.