Thanks to a generous philanthropist, all parents in Maine will receive money to start a college fund for their newborn babies.
Sure, a new bundle of joy is present enough. But soon, thanks to a generous shoe salesman, all new parents in Maine will be getting a little something extra when they come home from the hospital – $500.
It’s not for a shopping spree at Baby Gap, though. The fund is designed to provide a small nest egg for the newborn baby’s college tuition.
True, $500 on its own won’t even buy a semester’s worth of textbooks these days, but by investing the money in a fund, it will grow to around $2,000 by the child’s 18th birthday. If parents are able to contribute as little as $50 a month to the fund, it will reach $25,000 by 2026, which should help to ease the impact of those massive tuition bills.
The fund was set up by a wealthy philanthropist, Harold Alfrond, who founded Dexter’s Shoe Company. Alfrond, who passed away last month, never had the opportunity to attend college himself, which he always regretted. During his lifetime, the successful Maine businessman donated more than $100 million to hospitals, schools, and charitable organizations.
In a speech, Alfrond once said that he believed in “making sure everybody, especially children, have a chance in this world.” His generous legacy will go far in making that happen: With over 14,000 infants born in Maine each year, the foundation will annually contribute over $7 million to the future of education.
Parents-to-be all over the state are thrilled by the new program. “I can’t imagine a more important gift than a stepping stone to a college education,” eight-month pregnant Jennifer Rackliff of Augusta told ABC News. “I know this is a blessing to myself and our family.”