Saving for schooling with the College 529 plan

Image: Susan Tompor/Detroit Free Press/Imagn

State Gives Babies $529

PalmettoBaby grant when born on 5/29

May 26, 2019 - 5:15 am

For the seventh year, the State of South Carolina is helping promote the importance of saving for college by giving babies a $529 grant.

May 29th is officially National 529 College Savings Day.  529 is the name of a savings plan that helps save for higher education.  This year, the state is again celebrating with the PalmettoBaby Grant Program

State Treasurer Curtis Loftis says that each baby born in South Carolina on May 29 will get $529 dollars to put toward a Future Scholar account.  Loftis called this “a fun way to celebrate National 529 Day, and it’s really fun to see the excitement of these new parents when they realize they are eligible to receive a $529 dollar grant for their child’s future education.” 

PalmettoBaby grant

*Pictured:  Holly and Joseph Goshorn of Greer were excited to receive a $529 Future Scholar grant for their baby, Maxwell, as part of last year’s PalmettoBaby grant campaign.  

To receive the Palmetto Baby grant, parents of babies born on May 29 must submit a grant request form and open a Future Scholar account by August 30th.  This savings plan offers tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualified education expenses.   

Visit www.futurescholar.com/news-events/palmettobaby/ to learn more about the PalmettoBaby Grant Program.  Future Scholar is South Carolina’s 529 College Savings Plan. It is administered through the State Treasurer’s Office. For more information, visit FutureScholar.com or follow the state treasurer's office on Facebook.   

 

Comments ()