South Carolina 529 College Savings Program Achieves Record Enrollment
Tuesday, January 22, 2013
Significant increase in participation since State Treasurer Curtis Loftis launched new and improved college savings program with lower fees and more investment options
(Columbia, SC) – In October 2012, South Carolina State Treasurer Curtis Loftis announced new improvements to South Carolina’s Future Scholar 529 College Savings Program, including lower expenses and fees, an expanded investment lineup and lower investment minimums, and new marketing campaign. Since then, the Future Scholar program has seen significant increases in account openings and investments.
Future Scholar’s recent monthly sales figures ($36.2 million in December 2012) show a 48 percent increase yearover-year, including a 64 percent increase in the direct-sold plan sales. The direct-sold plan is only available to South Carolina residents.
“A record number of more than 5,000 South Carolina families signed up to save for college with Future Scholar in 2012,” Treasurer Loftis said. “Last year we made significant improvements to the plan making it more affordable and accessible and we’ll continue our hard work to spread the word on the importance of saving for a college education and the benefits of using South Carolina’s Future Scholar 529 College Savings Plan to make that dream a reality.”
The plan earned high rankings from Savingforcollege.com, a website which ranks every state's college savings program. The South Carolina Future Scholar 529 College Savings Plan has the highest rating of FIVE CAPS.
South Carolina families that want to take advantage of the tax benefits of the South Carolina Future Scholar 529 College Savings Plan still have time to do so. Tax deductible contributions for 2012 can be made up until April 15, 2013.
Future Scholar plans can be purchased either directly by an individual or through a
financial advisor. The direct-sold plan is available only to South Carolina residents and an online application can be accessed at www.futuresholar.com. The advisor-sold plan is available nationally through financial advisors.
To learn more about the 529 Future Scholar program, visit www.futurescholar.com.
Plan Fast Facts:
$1.6 billion in total
(16% increase in 2012)
More than $1 billion
invested by SC residents
not paid for with State Funds