SC Treasurer Announces Return of PalmettoBaby $529 College Saving Program

May 15, 2018, 10:45 am EST | Share:

COLUMBIA, SC (WTAT-TV) — In celebration of National 529 College Savings Day, which takes place on May 29th, State Treasurer Curtis Loftis announced a plan to bring back the PalmettoBaby Grant Program.

The program would work in conjunction with the Future Scholar 529 College Savings Plan, a program that helps families immediately begin saving for their child’s future college education.

The annual program, which also promotes the importance of families saving for college, would provide a privately-funded $529 grant to each baby born in South Carolina on May 29th, of which would be put toward a Future Scholar account.

“Our annual PalmettoBaby grant program is a fun way to promote the importance of saving for college,” said Loftis in a news release. “It’s great to see the excitement of these new parents when they realize they are getting a jumpstart on saving for their child’s future education.”

According to the treasurer’s office, the Future Scholar 529 College Savings Plan offers families in South Carolina a ‘smart and easy 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.

“I’ve made helping families save for college a priority since I took office in 2011. Now, we have more than 150,000 accounts enrolled in Future Scholar, with $3.4 billion in assets managed,” added Loftis.

To learn more about the PalmettoBaby Grant Program, please click here.