Every child born in Maine will be eligible for a $500 college savings nest egg, thanks to the generosity of a shoe company founder who never attended college himself.

A foundation started by Harold Alfond, the late founder of Dexter Shoe Company, will give new parents an opportunity to sign up for a $500 down payment for their young son or daughter's college education.

If the investment grows at rate of 8 percent per year, it would be worth about $2,000 in 18 years. But parents will be encouraged to add to the nest egg by donating $50 a month, which at the same interest rate would bump up the nest egg to about $25,000 by 2026.

If the money is not used for education, the initial $500 Alfond donation plus interest it accrues is returned to the foundation.