Loftis: Future Scholar is a ‘Great Way’ for Grandparents, Relatives to Help Save for College

For many parents, trying to find extra money each month to save for their child’s college education can be not only daunting but downright impossible for those just starting out.

The good news is, more and more grandparents or extended family members are electing to pitch in and as many financial experts have noted, one of the best vehicles for multigenerational funding is the 529 college savings plan.

“When it comes to saving for a child’s college education, what we’re finding is that grandparents and other relatives are more than willing to help out – especially those with young families, or more than one child,” said South Carolina Treasurer Curtis Loftis.

Now with more than $3 billion in total assets under management, the Future Scholar 529 College Savings Plan has become the go-to savings vehicle for those who want to help.

In fact, many grandparents are electing to set up the accounts – often one for each grandchild – themselves since they can reap the tax benefits and still maintain control or have access to the money should they need it.

“With a Future Scholar plan, it’s easy for grandparents, aunts or uncles to open an account for someone they love,” Loftis said. “Or, for those who already have a Future Scholar account, it’s easier than ever to invite family and friends to contribute to their child’s college fund on birthdays or other special occasions using our online eGift program.”

“Future Scholar really is the smart, easy way to save for college,” he added.

To read more about multigenerational saving and strategies, visit www.nytimes.com/2016/05/28/your-money/the-best-way-to-help-a-grandchild-with-college.html.

To find out more about Future Scholar or to open an account today, visit www.FutureScholar.com.