Friday, January 01, 2010
12:00 AM
Zachary Ball of Farmington, Maine is the 2,500th Alfond Baby
Augusta, ME – On July 17, 2009, Zachary Ball was born at Maine Medical Center in Portland, ME. On December 28, 2009, at only 5 months old, Zachary received a head start on his college education when he became the 2,500th Maine baby to receive the $500 Harold Alfond College Challenge Grant. As with all of Maine’s resident babies under one year of age, Zachary was eligible for a $500 grant from the Alfond Scholarship Foundation to start a NextGen College Investing Plan® (NextGen®) account. His parents, Nicole and Isaac Ball of Farmington, learned of the program through publicity earlier in the year while Nicole was expecting Zachary. Nicole thought it was too good an idea to pass up and completed the application to receive the grant because she was already thinking about saving for college; she wasn’t sure she could start so soon with her own resources, however. Mrs. Ball said, “It’s never too early to start saving. I think if you don’t start right away, you forget how quickly time passes and, the next thing you know, they are off to school.”
Zachary’s mom, Nicole, is a kindergarten teacher and his dad, Isaac, is a physician’s assistant at Franklin Memorial Hospital. “We are just getting on our feet from our own school loans and we would like Zachary to have a better experience paying for college; we hope to add to these savings in the future,” says Nicole.
Nicole thinks about her son growing up and says, “When Zachary turns 18 and is considering his own future plans, we’ll be able to say, ‘When you were young, we enrolled you in this program so you could have college savings.’”
Beloved, late Maine philanthropist Harold Alfond, former owner of Dexter Shoe Company, established the program before he passed away in November 2007 to ensure access to higher education for all Maine’s children. There is no income limit or need for families to contribute their own money to receive the grant. A NextGen account must be opened for the baby by the baby’s first birthday to receive the Alfond Grant.
Elizabeth Vanderweide, Program Manager for the Harold Alfond College Challenge, says the number of families enrolling their babies in the program is meeting program goals. “About 15% of 2009 Maine babies born are already enrolled, but each baby has until their first birthday to enroll – so many more are expected to take the opportunity. Although no initial or subsequent contributions are required to receive the Alfond Grant, what is really impressive is that 25% of families have already made the investment in their child by making further contributions.”
Mr. Alfond’s legacy gift to Maine is extraordinary, the only one of its kind in the nation. The Harold Alfond College Challenge is a program sponsored by the Alfond Scholarship Foundation and is administered by the Finance Authority of Maine (FAME). Vanderweide says, “The success of the program is attributable not only to Mr. Alfond’s generosity and love for Maine, but to the help from the champion hospitals, physicians, child care providers, employers and parents who spread the word that this program is real and not too good to be true.”
FAME staff is available and happy to answer questions and help people complete the necessary paperwork to receive the $500 Alfond grant. “Most people complete the paperwork in about 15 minutes or less,” says Vanderweide.
The Alfond Grant, including any earnings on the funds, may only be used for qualified higher education expenses at any accredited postsecondary school or program; including certificate programs, trade schools, associate, bachelor and master degrees, and some foreign institutions that participate in certain federal financial aid programs.1 For more information on the Harold Alfond College Challenge, please call (800) 228-3734 or visit www.500forbaby.org.
1 To be eligible for the favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, withdrawals must be for “qualified higher education expenses,” as defined in the Internal Revenue Code.
About the Alfond Scholarship Foundation
The Alfond Scholarship Foundation is a nonprofit corporation established specifically to sponsor and support the Harold Alfond College Challenge. This new foundation is a partnership of organizations and individuals who truly embrace Mr. Alfond’s philosophy, and includes representatives from the Maine Compact for Higher Education, FAME, the University of Maine System, the Maine Community College System, the Maine Community Foundation, the Mitchell Institute, and at-large members that include representatives from MaineGeneral Health and the Maine Hospital Association. To learn more about the Harold Alfond College Challenge, please visit www.500forbaby.org.