Deadline to Jumpstart College Savings is near for Parents of Babies Born on 5/29
Wednesday, September 7, 2016
South Carolina -- Parents of babies born on May 29th have two days left to sign up for a privately funded $529 grant in a Future Scholar Account to jumpstart their college savings.
State Treasurer Curtis Loftis announced the 2016 PalmettoBaby grant, part of the Future Scholar program, back in May. An estimated 200 PalmettoBabies will be born in South Carolina on May 29th, and Future Scholar will offer a privately-funded $529 grant to all of them.
Parents qualify by:
- Opening a new Future Scholar account. A $529 grant will be deposited in your new account.1
- Completing and signing forms by the deadline. All completed forms must be received by September 9, 2016.
Click here for the steps required to apply.
Future Scholar 529 Plan Benefits
- Contributions may be eligible for a South Carolina state income tax deduction.2
- The parent or guardian named on the account retains complete control of the funds to help ensure they are used as intended.
- Money in your account can be used at any eligible college in the country. For a complete listing, use the School Code search at www.fafsa.ed.gov.
- If your child ends up not going to college, the beneficiary can be changed to another qualified family member.
- Anyone can contribute to the account, so you can allow relatives and friends to help save for this important goal.
- The Automatic Contribution Plan lets you make easy and ongoing transfers from your bank account.
2Up to the maximum account balance limit of $400,000 (or any lower limit under applicable law). Distributions not used for qualified education expenses must be included in South Carolina gross income to the extent those amounts were previously deducted from South Carolina taxable income.