GREENVILLE, SC (WSPA) – For every baby born on Wednesday in South Carolina, they get free money fro their parents opening a 529 plan.
A 529 plan is to save money for college. State Treasurer Curtis Loftis tells 7News on average each student graduates college with $30,000 in debt. He believes this program brings to light the need to save for those future expenses.
“To go ahead and just get them started when they are born especially with the higher education costs continuing to rise, it just makes sense,” said Holly Stull who had her daughter on 5/29/2015.
The money comes from a private grant, not taxpayer dollars.
Roughly 200 babies will be born across the state on 5/29.
You can find more information about the program at https://futurescholar.com/news-events/palmettobaby/.