Asset Building Briefs & Summaries Financial Inclusion

College Savings Plan Accounts at Birth: Maine’s Statewide Program

The Harold Alfond College Challenge offers $500 to every child in the state enrolled in Maine’s NextGen college savings plan within 1 year from birth. As the first U.S. example of a statewide Child Development Account, the Alfond Challenge is a laboratory to study and learn from Maine’s experience. This CSD policy brief provides an overview of the Alfond Challenge, examines administrative and enrollment challenges, and offers recommendations and federal and state policy directions.

Project: College Success

Citation

Clancy, M., & Lassar, T. (2010, May). College Savings Plan Accounts at birth: Maine’s statewide program (CSD Policy Brief No. 10-16). St. Louis, MO: Washington University, Center for Social Development.