For Some, ‘529 Day’ Could Mean a $5,290 Jump Start on Saving for College

Sunday, June 4, 2017

South Carolina celebrated National 529 Day this past week. What is 529 Day you say?

A way for states to increase awareness of their 529 college savings plans, National 529 Day, or May 29, shines the light on these tax-advantaged paths to saving.

This year, as a way of marking Future Scholar’s 15th anniversary, the treasurer’s office will be expanding the program to three days and an even bigger payout of $5,290. That’s right – $5,290!

So all babies born on May 29, 30 and 31 in South Carolina will be eligible for a $5,290 grant toward their Future Scholar account.

Istock Baby And Dad

Case in point: each year, through its PalmettoBaby program, the South Carolina Treasurer’s Office awards babies born on 5/29 a one-time privately funded $529 college savings grant to be used in a Future Scholar account. In fact, last year alone, the treasurer’s office awarded over 90 grants to babies born on this special day.

“Outside of Christmas, 529 Day is one of my favorite times of the year,” South Carolina Treasurer Curtis Loftis said. “It’s just a joy to see new parents who may not be thinking about their child’s college education at the moment, suddenly realize they’ve made one of the most important first steps any new parent can make and that’s saving for their child’s future.”

Named for the section in the Internal Revenue code that created 529 plans, these savings accounts – such as South Carolina’s Future Scholar 529 College Savings Plan – are a great way for parents and loved ones to put away money over the course of a child’s lifetime.

So how do eligible parents register to receive the money?

It’s easy! If you have a baby born on one of these days, simply open a Future Scholar account and complete the forms. The deadline for registering and opening an account is Sept. 1, 2017.

For more information on eligibility guidelines or to open a Future Scholar account today, visit www.futurescholar.com/news-events/palmettobaby/.

To learn more about Future Scholar, its investment objectives, risks and costs, read the official statement available at www.FutureScholar.com before investing. Check with your or the beneficiary's home state to learn if it offers tax or other benefits for investing in its own 529.

Not paid for with state funds.   

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

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