The Alfond Scholarship is a financial aid program designed to help families save for their children's higher education. Established in Maine, it provides a $500 scholarship to every child born or adopted in the state, which is placed in a 529 college savings plan. This initiative aims to encourage early saving for college expenses. The scholarship is part of the Alfond Foundation's mission to promote educational opportunities and improve access to higher education. Families can use the funds for various educational expenses, including tuition, fees, and room and board, making college more affordable for Maine residents.