Publication Date
6-20-2023
Summary
For over a decade, the Alfond Scholarship Foundation has automatically enrolled every Maine-resident newborn into the United States’ first statewide, universal Child Development Account (CDA) by investing $500 on each child’s behalf in the NextGen 529 plan. This Policy Brief provides an overview of My Alfond Grant and tracks the growth of the CDA in the 10 years since it made the major policy-design change to implement automatic enrollment. The Brief also includes insights regarding partnerships and communications that have helped to improve My Alfond Grant’s ability to connect with Maine families.
Document Type
Policy Brief
Category
Financial Inclusion
Subarea
Asset Building
Original Citation
Quint, C. J., & Clancy, M. M. (2023, June). My Alfond Grant CDA: Experience From 10 years of automatic deposits for all Maine newborns (CSD Policy Brief No. 23-19). Washington University, Center for Social Development. https://doi.org/10.7936/9tx1-hf90
Project
SEED for Oklahoma Kids
Keywords
2023 ; SEED for Oklahoma Kids ; United States ; Maine ; policy ; Child Development Accounts ; My Alfond Grant ; Alfond Scholarship Foundation ;
Recommended Citation
Quint, C. J., & Clancy, M. M. (2023, June). My Alfond Grant CDA: Experience From 10 years of automatic deposits for all Maine newborns (CSD Policy Brief No. 23-19). Washington University, Center for Social Development. https://doi.org/10.7936/9tx1-hf90
DOI: https://doi.org/10.7936/9tx1-hf90