✓ Resolution #1 Complete! – Save for College with Future Scholar
January 1, 2020
The new year is a clean slate. It’s a fresh start on achieving important goals and improving positive habits. It’s a time to resolve to eat better, exercise more or spend less time on our phones. We know that some of our resolutions are sure to be harder to follow than others. But one worthy resolution is simple to keep. South Carolina’s Future Scholar 529 College Savings Plan makes saving for the cost of a child’s higher education the easiest of all your 2020 goals.
Future Scholar Fits Any Budget
There’s no reason the hefty price tags of traditional four-year colleges and universities should ever keep you from resolving to save for higher education. Any dollar you save with Future Scholar is a dollar your child won’t need to borrow when it comes time to head off to a university, technical college, or trade school. And you don’t necessarily need to set a goal of saving for 100% of your child’s tuition. Every little bit helps, so you can determine an amount that fits your household income and your particular situation. There’s no minimum amount required to open a Future Scholar account, so you can get started today regardless of your budget.
Future Scholar Can Grow Your Contributions
Starting to save early is important not only because you’ll have more time to contribute, but also because with Future Scholar, your contributions have an opportunity to grow. Saving early with compound interest puts time on your side because interest can accrue from both the principal and the interest in your account. It’s like having the wind at your back, helping make the savings goal you set much more attainable.
Anyone Can Contribute to a Future Scholar Account
Anyone who cares about a child’s future can help to reach the college savings goal. Parents, grandparents, aunts, uncles and friends can make contributions to a Future Scholar account. You can even encourage contributions with the convenient eGift feature. It’s a great alternative to traditional birthday and holiday gifts — and one your child will never outgrow. Contributions can be made via mail or with the new gift card. Future Scholar makes it easy for friends and family to select the perfect gift for your child.
You Can Contribute to a Future Scholar Account by Just Lifting a Finger!
With online giving features and the option to set up a recurring bank draft, you have just about everything you need to reach your savings goal without reaching past your laptop. If only all important resolutions were this easy to accomplish!
A Future Scholar Account Can Reward More Than its Beneficiary
Keeping this resolution benefits a lucky child – and you – by providing some great tax advantages. If you live in South Carolina, you can deduct your contributions on your South Carolina state income tax return. In fact, the contributions you make right up to the tax deadline can still be deducted from your 2019 South Carolina income taxes, so it’s not too late to get a deduction for 2019! What’s more, when it comes time to start covering college costs, there will be no tax on any interest earned, and you'll pay no federal or state income tax when you use the money for qualified college expenses.
After resolutions concerning health, family and professional life, saving for higher education is about as important as it gets. And, thanks to Future Scholar, it makes for an easy resolution to follow. So start the new year by opening a Future Scholar account and checking off an important 2020 resolution. Someday, a child is sure to thank you for keeping this one.