Dive Brief:

• Babies born as Maine residents will automatically receive $500 for college, effective immediately.
• The money is an extension of a scholarship program established by Harold Alfond, who founded Dexter Shoe Company.
• In the past, families with qualifying babies needed to open an account before the child turned 1, which led to 40% of eligible babies being enrolled; now the scholarship program will handle the paperwork.

Dive Insight:

The program foresees awarding $6 million in grants each year to 12,000 babies. As part of the program, each child will receive a quarterly report on the money that includes tips on literacy, health, and finances.