Maine’s babies aren’t born with a silver spoon, but they do get a $500 college fund, thanks to philanthropist Harold Alfond, founder of Dexter Shoe Co.
After giving many scholarships to college-age students, “he wanted to help build aspirations for college at the front end of life,” says Greg Powell, chairman of the board of the Harold Alfond Foundation.
The gift might also teach lessons about compound interest.
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