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PORTLAND, Maine (AP) — The scholarship fund started by the late Harold Alfond that has provided more than 20,000 grants of $500 apiece to help parents start college savings accounts is making it easier for families to receive the money.
Officials said Thursday that families will no longer have to set up a NextGen College Investing Plan to receive the money. Instead, it will be awarded to all babies born in Maine, with or without a NextGen account.
Chairman Greg Powell said he wants to remove any barrier to newborns getting the college down payment.
Since 2009, the foundation started by the founder of Dexter Shoe Co. has provided nearly $11.5 million to fund nearly 23,000 grants. Going forward, the foundation hopes to spend $6 million every year for 12,000 newborns.