Richard Pattenaude, the Chancellor of the University of Maine System says the grant is a remarkable gift.
"I know about scholarship programs all across the country," said Pattenaude," and there's nothing that matches this. It's stunning in its scope and it's brilliant in its vision."
Harold Alfond hoped that the grant would encourage parents to start saving early for their children's post secondary education.
And saving early with this initial investment can add up.
According to the Finance Authority of Maine, if a family member contributes fifty dollars a month that investment can grow to twenty-five thousand dollars by the time a child turns eighteen.
A pilot program will begin on January first for every baby born in the Augusta and Waterville hospitals of Maine General Health. Its will go statewide in January 2009.
You can call 1-800-228-3734 for more information.