Babies born May 29 are eligible to receive $529 for college savings

State Treasurer Curtis Loftis kicked off the upcoming National 529 College Savings Day by announcing that South Carolina’s Future Scholar 529 College Savings Plan will provide privately-funded $529 grants to every baby born in South Carolina on May 29, 2022.   

 

This year, the PalmettoBaby Grant Program will celebrate a decade of collaborating with hospitals across the Palmetto State to promote the importance of saving for college. On May 29, new PalmettoBaby parents will receive a Future Scholar goody bag which includes information about the state’s award-winning 529 college savings plan and a $529 college savings grant.

 

“The best way to commemorate 529 Day is to remind families of the importance of saving for college. We are proud of the Future Scholar families who celebrate a child’s graduation this month, and we welcome the new families who want to begin saving for the future,”

Treasurer Loftis said. “Together with our hospital partners, we are pleased to highlight the value of 529 plans by jump starting college savings for babies born on 529 Day with the PalmettoBaby grant.”

 

To receive the PalmettoBaby grant, parents of babies born on May 29 must complete the grant application and open a Future Scholar account by August 31, 2022.

 

The Future Scholar 529 College Savings Plan offers families 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. 

 

Visit FutureScholar.com/PalmettoBaby to learn more about the PalmettoBaby Grant Program and its eligibility guidelines. 

 

Compiled by Suzanne Detar, sdetar@thedanielislandnews.com