SC treasurer announces return of grants to encourage college savings plan
COLUMBIA, S.C. (WRDW/WAGT) - South Carolina Treasurer Curtis Loftis says the state will again offer grants to parents of children born on a day meant to raise awareness about saving a child’s future.
Loftis said the PalmettoBaby Grant Program will return on May 29, the date on which National 529 Day is celebrated. The “529″ refers to the 529 College Savings, or Future Scholar Plan.
“It’s PalmettoBaby time – a time to remind South Carolina families about the importance of saving for their loved ones’ future education with the Future Scholar 529 College Savings Plan,” Loftis said. “And once again, we are delighted to offer privately funded $529 grants to the parents of every South Carolina baby born on May 29 in hopes that they will begin their education savings journey.”
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In addition to the opportunity to secure a $529 college savings grant, South Carolina parents who give birth on May 29, receive a Future Scholar goody bag, which includes information about the state’s nationally recognized 529 college savings plan, a release from Loftis’ office states.
Future Scholar allows families to save for their children’s future education expenses with opportunities for tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualified education expenses, the release states.
Future Scholar 529 funds can be used for K-12 tuition, trade schools, ed apprenticeship programs and student loan repayment.
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