Expectant parents dream of a bright and successful future for their little bundles of joy as they await their arrival. Most of these parents agree that the path to a bright future for their babies includes a college education, though many worry about affording the high price tag of attending college when the time comes. For the fourth consecutive year, if those babies are lucky enough to be born in the Palmetto State on May 29th, they’ll have a jump start toward achieving that college education.
In celebration of National 529 College Savings Day, every baby born in South Carolina on May 29, 2016 will be eligible to receive a privately funded $529 PalmettoBaby grant to begin saving for college, thanks to South Carolina’s Future Scholar 529 College Savings Program. State Treasurer Curtis M. Loftis, Jr., who administers this program, has invited hospitals across the state to participate in delivering the good news of the PalmettoBaby grants to new parents. In addition to this national day of recognition, the PalmettoBaby Grant Program celebrates the success of the Future Scholar Program. Recognized by The Wall Street Journal as having the highest state tax deduction in the entire country and by Money Magazine as a leader in low fees, Future Scholar is also ranked as one of the best 529 college savings plans in the country by Morningstar and savingforcollege.com.
“The State Treasurer’s Office is dedicated to delivering the best possible college savings program to South Carolinians,” said State Treasurer Curtis Loftis. “The privately funded PalmettoBaby grant program is a way to celebrate Future Scholar and spread the word to all families about the importance of saving early for a college education,” Treasurer Loftis added.
Future Scholar is an investment account and operates much like a 401k retirement account. Earnings are free from federal and state taxes as long as the funds are used for qualified college expenses, such as tuition, room and board, and books. South Carolina residents can also deduct Future Scholar contributions from their state tax returns. Anyone, such as parents, grandparents, aunts, uncles, or friends, can contribute to an account, and there’s no minimum account required to open or contribute to an account.
Professionals such as Money Magazine’s Jean Chatzky and CNBC’s Suze Orman, as well as publications such as Kiplinger and US News and World Report, all agree that 529 plans are the best way for families to save for college. The more than 126,000 Future Scholar account owners who have invested over $2.4 Billion in the program also agree that a 529 plan is the perfect way to save for college.
This May 29th, National 529 Day, an estimated 200 babies will become PalmettoBabies and start on their path to a college education with a $529 PalmettoBaby grant. Even if your family won’t be celebrating a birth on May 29th this year, 529 Day is a great reminder that anyone can open or contribute to a Future Scholar account to start a loved one on the path towards a debt free college education.
No state funds are used in the marketing or funding of the Future Scholar plan or PalmettoBaby Grant Program. For more information on the PalmettoBaby Grant Program, visit treasurer.sc.gov.
South Carolina’s Future Scholar 529 Plan, administered by State Treasurer Curtis Loftis, is celebrating National College Savings Day by continuing its annual PalmettoBaby Grant Program. The privately funded PalmettoBaby Grant Program celebrates both National 529 Day and the success of South Carolina’s Future Scholar 529 College Savings Plan, administered by State Treasurer Curtis Loftis. All babies born each year in South Carolina on National 529 Day, May 29th, are eligible to receive a one-time privately funded $529 grant into a Future Scholar account.
Fore more information about Future Scholar visit
treasurer.sc.gov/futurescholar
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