New N.D. babies eligible for $100 college grantBISMARCK, N.D. (AP) — North Dakota newborns are now eligible for a $100 state grant for college.
BISMARCK, N.D. (AP) — North Dakota newborns are now eligible for a $100 state grant for college.
To qualify, someone has to put up a $100 matching grant by the child's fourth birthday.
The Bank of North Dakota announced the program Wednesday. It's open to children born in North Dakota on Jan. 1 or after.
The state-owned bank administers a college savings plan that allows a child's relatives to put aside money for college expenses. The savings account's earnings are not taxed and North Dakota contributors can get a tax deduction.
Bank of North Dakota President Eric Hardmeyer says the bank has set aside $1 million for the first year's grants. North Dakota has close to 9,000 babies born each year.
North Dakota is one of three states to offer college grants to newborns.