Treasurer Curtis Loftis Announces Return of PalmettoBaby $529 College Savings Grants
Wednesday, May 16th, 2018
State Treasurer Curtis Loftis announced that South Carolina’s Future Scholar 529 College Savings Plan would again celebrate National 529 College Savings Day (May 29) with its PalmettoBaby Grant Program.
The annual program, which promotes the importance of families saving for college, provides a privately-funded $529 grant to each baby born in South Carolina on May 29 to put toward a Future Scholar account.
“Our annual PalmettoBaby grant program is a fun way to promote the importance of saving for college,” Treasurer Loftis explained. “It’s great to see the excitement of these new parents when they realize they are getting a jumpstart on saving for their child’s future education.”
The Future Scholar 529 College Savings Plan offers families a smart and easy way to save for their children’s college education expenses with opportunities for tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualified education expenses.
“I’ve made helping families save for college a priority since I took office in 2011. Now, we have more than 150,000 accounts enrolled in Future Scholar, with $3.4 billion in assets managed,” Treasurer Loftis added.