Future Scholar Awards $529 PalmettoBaby Grants for College Savings Month
September 12, 2013
4-Month-Old PalmettoBabies Have Already Started on the Path to College
(COLUMBIA, SC) – State Treasurer Curtis M. Loftis, Jr. announced today that qualifying PalmettoBabies have received grants of $529 just in time for National College Savings Month, celebrated throughout September. “PalmettoBabies” is a term used for babies born in hospitals across South Carolina on National 529 College Savings Day, 5/29/13. These children were given the opportunity to receive $529 college savings grants to jumpstart their Future Scholar 529 accounts and puts them on the path to college.
“Future Scholar is proud to award these $529 grants to our PalmettoBabies,” said State Treasurer Curtis Loftis. “It’s a great way to encourage all South Carolina families to save early for their children’s education, and College Savings Month is the perfect time to open a Future Scholar 529 account.”
Cooper is one of the PalmettoBabies whose Future Scholar 529 account has already started him on his journey to higher education.
“I had never heard of the Future Scholar 529 plan before I received the PalmettoBaby grant information in the hospital, but when I read about it, I knew I wanted to participate,” said Cooper’s mother. “It was so easy to open an account. The rising cost of college tuition terrifies me. This is the best gift my husband and I can give our child because it’s so much more important than gifts of toys and clothes. Now that we know about the Future Scholar program, we’ll be opening an account for our 3-year-old daughter Kynslei, too.”
Four-month-old Ben’s mother knew that early college saving was something she and her husband wanted to do for their son. “Family members gave gifts of money when Ben was born, so we contributed that money when we opened his 529 account. I think that all parents should look into starting a Future Scholar 529 account to secure their child’s educational future.”
The Office of State Treasurer Curtis M. Loftis, Jr. administers the Future Scholar 529 Plan. 529 plans offer opportunities for tax-free growth, tax-free distributions for qualified education-based withdrawals, and tax-deductible contributions.
“South Carolina’s Future Scholar 529 plan is one of the top-rated college saving plans in the country and has earned the highest rating of FIVE CAPS from the savingforcollege.com website,” explained Loftis. Future Scholar has more than 100,000 accounts and $1.8 billion under management. To learn more about the Future Scholar 529 plan, visit www.futurescholar.com or contact a financial advisor. The PalmettoBaby Grant Program is privately funded by Future Scholar’s program manager, Columbia Management Investment Distributors, Inc.
No state funds are used in the marketing of the Future Scholar plan or PalmettoBaby Grant Program.