Saving for college is something many people wait a long time to do. But with South Carolina’s Future Scholar plan, the time to start saving is now!
What is a 529 Plan?
It’s an account you can put money into to help save for the increasing cost of education. These accounts are created under section 529 of the Internal Revenue Code, hence the name, and are sponsored by individual states. These plans can offer tax advantages and help alleviate the cost of college and other educational expenses.
South Carolina’s Future Scholar plan has been recognized as one of the best nationwide for its low fees, and tax advantages, which are the best available for South Carolinians.
Start Early:
The cost of college can be intimidating, but do not let it stop you. Every dollar you save now is one your child may not have to borrow later, so get started!
Get the Whole Family Involved:
Future Scholar is a wonderful opportunity to have family and friends invest in your child’s future. Whether they have an upcoming birthday, the holiday season is coming up, or you want to celebrate them getting a great report card, this is the perfect gift! Stuff is always nice but walking away from a college or technical school with less debt is a gift that will set any graduate up for a bright financial future.
It’s Easy for Family and Friends to Contribute:
- Future Scholar makes gift-giving simple and beneficial for everyone!
- Parents can send eGift invitations to family and friends, providing them a link that makes gift deposits easy to make.
- When gift-givers make a deposit to a Future Scholar account, they can deduct that amount from their South Carolina income taxes—so they get a gift, too.
- Gifts don’t have to be for large amounts. An eGift starts at $25. Gifts by check can be for any amount.
It’s Easy to Set Up:
All you need is an hour! Gather the name, address, social security number, and date of birth of the account holder, you, and the beneficiary, the child. Once it was set up, we went with the automatic contribution option, so we know money is deposited twice a month. Then you’ll choose the funds you want to put your money into and voila, you are enrolled in the program.
Know nothing about investments like me? That’s okay. Future Scholar has simple investment options and plenty of tools to estimate the cost of college for your child. Think you don’t have enough money to get started? That’s okay too. Every dollar will get you one step closer to helping your child pay for their education.
Giveaway: Give your savings a jump start with $529 for a new or existing Future Scholar account!
As an added bonus, Future Scholar is giving one lucky winner a privately-funded $529 grant to add to a new or existing Future Scholar 529 Account! This is a wonderful way to start saving for your child’s education or add to what you’ve already saved with Future Scholar! {Must be a South Carolina resident to enter.}
By entering this giveaway, you will also be subscribed to Charleston Moms’ email distribution list which keeps you informed of the latest offers, news, and special event information.
