Loftis: Future Scholar College Savings Plan Makes it Easy to Get Started Saving

Monday, July 3, 2017

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Think you have to be a savvy investor or a high roller to open a 529 college savings plan? Nothing could be further from the truth.

In fact, while it can be easy to feel overwhelmed by all of the investing information that’s out there, financial experts say you can decide what’s best for your family by answering a few simple questions:

  • Does your home state offer a tax-advantaged 529 plan?
  • Does that plan offer low fees?
  • Does that plan allow you to save however much you want, whenever you want?
  • Does it offer a simple way to invest?

“Fortunately, for South Carolina’s Future Scholar 529 College Savings Plan, we can answer yes to all of these,” said South Carolina Treasurer Curtis Loftis.

As Loftis went on to explain, money saved in a Future Scholar account grows free from federal income taxes. Withdrawals are also tax-free as long as the money is used for qualified higher education expenses. Plus, if you file a South Carolina tax return, you may be eligible for additional tax savings.

What’s more, Future Scholar offers low maintenance fees, there is no minimum investment required to get started and selecting an investment track is easy.

“Our state’s plan consistently receives high rankings because we’ve made it easy for parents to enroll and start saving immediately,” said Loftis. “It really is the smart, easy way to save for college.”

To read more about 529 plans visit: https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-06-14/how-to-choose-a-529-plan-on-your-own.

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

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