Future Scholar 529 College Savings Plan: Excellent Gift for Christmas!

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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, one flown and grown and one starting college soon, the worry list is long! Having the Future Scholar 529 account lightens that load a lot! More about our situation in a minute … 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.

Update for our situation: I first posted this story in 2016. But I still believe starting an account or contributing to an account with Future Scholar is one of the greatest gifts you can give a child and their parents. Our account was started well over 10 years ago by relatives. At the time I had two elementary age children. Now one of them has gone straight to the work force, so we rolled over her account to her brother. My son has now qualified for scholarships to cover his tuition and costs. And we will easily roll over his account to our youngest daughter who is currently 8. Everything is so simple to do! Future Scholar is always on hand to answer any questions or offer information. From opening the account, making contributions, changing ownership from the relatives to me, rolling the money from one account to the other … all a piece of cake and a huge weight of my shoulders!

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