COLUMBIA, S.C. (WCBD) – The South Carolina Treasurer’s Office is hoping to give parents a jump-start on their newborn’s college fund– there is just one catch.
South Carolina parents who have a baby born on May 29 are eligible to receive a privately funded $529 PalmettoBaby grant for future education when they open a Future Scholar account.
“My primary duty as administrator of Future Scholar is to help South Carolina families save for their loved one’s future education,” Treasurer Curtis Loftis. “Amid the excitement of new babies, our 529 Day celebration is an opportunity to remind all South Carolina families of the importance of saving for college.”
New PalmettoBaby parents will also receive a Future Scholar goody bag which includes information on the state’s 529 college savings plan during their hospital stay.
To receive the PalmettoBaby grants, parents must complete the grant application form and open a Future Scholar account by Aug. 31, 2023.
According to the Treasurer’s Office, the Future Scholar 529 College Savings Plan offer 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.”
This marks the 11th year that the state agency has partnered with local hospitals to highlight the importance of saving for college in recognition of National 529 Day.