2016 PalmettoBaby Press Release

Thursday, May 26, 2016

FOR IMMEDIATE RELEASE
Jenny McGill – Program Director
(803) 737-6808
Jenny.McGill@sto.sc.gov

STATE TREASURER CURTIS LOFTIS ANNOUNCES PRIVATELY FUNDED $529 COLLEGE SAVINGS GRANTS AWARDED TO SC BABIES BORN ON MAY 29th TO CELEBRATE NATIONAL 529 COLLEGE SAVINGS DAY

Treasurer Curtis Loftis announces fourth annual Privately Funded PalmettoBaby Grant Program

(Columbia, SC) – State Treasurer Curtis M. Loftis, Jr. announced that South Carolina’s Future Scholar 529 Plan will celebrate 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 college savings grant when the parent or guardian of the newborn opens a new Future Scholar 529 account, or the grant can be added to an existing Future Scholar account. State Treasurer Curtis Loftis has invited all hospitals across the state to participate in delivering news of the PalmettoBaby grants to new parents. More than 80 hospitals will be participating this year to help promote the program. 

“A Future Scholar savings plan is the best way to set our loved ones on the path to a debt free college education. A privately funded PalmettoBaby grant for $529 is a great way to encourage families across South Carolina to save for college,” State Treasurer Curtis Loftis said. “I hope all families will mark May 29th as the day they start their own Future Scholar 529 college savings account for a loved one,” Treasurer Curtis Loftis added. 

James Quint, the father of a 2014 PalmettoBaby grant recipient said, “Future Scholar encouraged us to start thinking about saving [for college] very early. We hope contributions made on a regular basis will allow the savings to have a big impact down the road.” 

529 Day is dedicated to raising nationwide awareness of college savings plans like Future Scholar, South Carolina’s 529 plan. 529 plans are investment accounts that allow funds to grow tax free in order to help save for the high cost of college. Also, Future Scholar account contributions made by South Carolina residents are tax deductible from your state income tax return.

Future Scholar does not require students to attend college in South Carolina. No minimum amount is necessary to open an account, and anyone can contribute to an account. The program has 126,000 accounts and over $2.4 Billion invested. 

The Wall Street Journal has recognized South Carolina’s Future Scholar plan as having the highest state tax deduction of any 529 plan in the country, and Money Magazine called the program a leader in low fees. Savingforcollege.com, an organization that evaluates 529 plans, consistently gives South Carolina’s plan its highest rating of five CAPS. 

No funds from the public treasury are used in the marketing of the Future Scholar plan or PalmettoBaby Grant Program. For more information about Future Scholar and the PalmettoBaby Grant Program, visit treasurer.sc.gov.

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Interim Media Contact:
Edward Frazier
edward.frazier@sto.sc.gov
803.734.2016

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