Not Taking Advantage of a 529 Plan Yet? Let Future Scholar Help

Tuesday, August 22, 2017

If you’re one of the smart parents using a 529 plan to save for college, pat yourself on the back.

Adams Istockfamily Saving Together

Even though 529 plans have dramatically increased the college savings of millions of Americans, only a small percentage overall are still taking advantage of them, according to a recent study by Sallie Mae.

Hard to believe, given all the tremendous benefits that come with these tax-advantaged accounts.

That fact is made even more staggering when you consider that borrowing money to pay for college is at an all-time high. And yet by practicing smart strategies – such as starting early and opening a Future Scholar 529 College Savings Plan – parents can help their children avoid the burden of student loan debt.

“I tell parents all the time, you don’t have to take on a lot of debt,” said South Carolina Treasurer Curtis Loftis. “Not when states like ours are offering such great incentives to save.”

In fact, if you file a South Carolina tax return you could be eligible for additional tax savings. And word about Future Scholar certainly seems to have gotten out. South Carolina’s 529 plan recently passed $3 billion in total assets under management.

“It truly is the smart, easy way to save for college,” Loftis said.

To find out more about the recent study, read on: https://www.forbes.com/sites/elizabethharris/2017/07/30/study-almost-no-one-uses-529-college-savings-accounts-even-though-they-work-incredibly-well-yikes/#e641ee054092

To learn more about Future Scholar visit www.FutureScholar.com.

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

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