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Future Scholar 529 College Savings Plan: The Perfect Gift

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future scholar 529 College Savings Plan

This holiday season why not give the gift of an education? With Future Scholar — South Carolina’s 529 College Savings Plan — now you can.

The perfect gift for your kids, grandkids, nieces & nephews, godchildren, close family friends! Our kid’s Future Scholar 529 accounts started as a Christmas gift. As a mom, it was such a blessing for our relatives to start these accounts one Christmas many years ago. And now that the big kids are older and one’s college adventure is a split second away, my ‘worry list’ is long! Having the Future Scholar 529 account lightens that load a lot! When Future Scholar asked for our help to spread the word, we were thrilled to help! It really is the perfect gift!

What is a 529 plan?

A 529 plan is a tax-advantaged way that helps families save over time for future college expenses.

Administered by State Treasurer Curtis Loftis, South Carolina’s 529 plan — Future Scholar — is the smart, easy way to save for your child’s education.

Whether you’re a grandparent, aunt, uncle or parent — anyone can open or contribute to an account for a loved one,” Treasurer Loftis said.

Wondering how it works?

Similar to a retirement account, earnings on a Future Scholar 529 plan grow tax-free from both federal and state income taxes. Withdrawals are also tax-free as long as the money is used for qualified higher education expenses. What’s more, contributions are tax deductible for those who file a South Carolina income tax return.

In addition, the money you save can be used at any eligible educational institution in the United States, including out-of-state and some international schools, two- and four-year public and private colleges, graduate and professional programs and certain vocational-technical schools.

And unlike other college and gift funds, you maintain control over your investment!

It’s a great option not only for Lexington moms but for moms — and dads — everywhere,” Treasurer Loftis said.

For more information, visit www.FutureScholar.com.

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