State awarding babies born on May 29 with free college grant - FOX Carolina 21

State awarding babies born on May 29 with free college grant

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Babies born Thursday qualify for the special deal. (File/Associated Press) Babies born Thursday qualify for the special deal. (File/Associated Press)
GREENVILLE, SC (FOX Carolina) -

Thursday marks the second annual "529 Day" in South Carolina, a day dedicated to raising awareness of the 529 Plan, which is an investment account designed to help families save money for college.

In celebration of National 529 Day, every baby born in South Carolina on May 29, 2014 will be eligible to receive a one-time $529 college savings grant into an existing Future Scholar account or when the parent or guardian of the newborn opens a new Future Scholar 529 account.

"Investors in Future Scholar can be proud of their decision to save with SC's 529 plan," State Treasurer Curtis Loftis said in a press release.

"Since becoming state treasurer in 2011, it's encouraging to know that more than 34,000 families have begun saving for college with a Future Scholar 529 plan. That's something to celebrate because a better future for these children means a better future for South Carolina," Loftis added.

The plans offer opportunities for tax-deductible contributions, tax-deferred growth and tax-free distributions for qualified education-based purposes. South Carolina's Future Scholar 529 plan does not require students to attend college in South Carolina, and no minimum amount is necessary to open an account.

For more information on the South Carolina Future Scholar savings account, head to www.futurescholar.com

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