SC Baby Grant Program gives head start on college savings

May 22, 2019

COLUMBIA, S.C. — Expecting parents once again can get a head start on saving for their child’s college education.

State Treasurer Curtis Loftis announced Monday that South Carolina’s Future Scholar 529 College Savings Plan once again can celebrate National 529 College Savings Day (May 29) with its PalmettoBaby Grant Program.

The annual program, which is in its seventh year, promotes the importance of families saving for college and provides a privately funded $529 grant to each baby born on May 29 in South Carolina to put toward a Future Scholar account.

“We love reminding new and existing parents about the importance of saving for college,” Loftis said. “Our PalmettoBaby Grant Program is a fun way to celebrate National 529 Day, and it’s really fun to see the excitement of these new parents when they realize they are eligible to receive a $529 grant for their child’s future education.”

To receive the PalmettoBaby Grant, parents of babies born on May 29 must submit a grant request form and open a Future Scholar account by Aug. 30, 2019.

The Future Scholar 529 College Savings Plan offers families a way to save for their children’s college education expenses with opportunities for tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualified education expenses.

Visit futurescholar.com/news-events/palmettobaby/ to learn more about the PalmettoBaby Grant Program.

All contents © copyright 2019 The Associated Press.All rights reserved.