Treasurer Loftis Proclaims September as College Savings Month (1)
Friday, September 9, 2011
(Columbia, SC) – September means more than just the kickoff for college football and tailgating season. September is College Savings Month, a month dedicated by State Treasurer Curtis Loftis and Treasurersacross the country to highlight the benefits of education savings plans.
South Carolina’s Future Scholar 529 College Savings Plan is designed to give families a tax deduction while being able to build up an account for their future college student. The phrase “529 plan” refers to Section 529 of the Internal Revenue Code which created these types of savings plans in 1996.
“I am happy to proclaim September 2011 is College Savings Month,” Treasurer Loftis said. “I am amazed to see how much college tuition has increased since I was at USC in the 80’s. Nearly four out of 10 parents of college-bound children are not putting money aside, so being prepared with a 529 plan is a sound financial decision.”
More than 50,000 South Carolinian’s are taking part in the Future Scholar plan: they know a good plan when they see it. South Carolina’s Future Scholar 529 College Savings Plan has received the highest “5 cap” rating by www.Savingforcollege.com. Automatic savings deductions can start with as little as $25 a month.
Anyone can start a Future Scholar account and designate it to their beneficiary of choice. If grandparents can’t think of a gift to give as birthdays or the Christmas holidays approach; a Future Scholar account always fits, is always in fashion and is tax deductible. Future Scholar accounts can be used for educational expenses like books, supplies, plus room and board at any public or private two or four year institution eligible for federal financial aid.
Click here to learn more about opening a Future Scholar 529 College Savings Account or visit www.treasurer.sc.gov. A copy of the Treasurer’s proclamation can be viewed here.