South Carolina Treasurer Curtis Loftis has announced the return of the PalmettoBaby Grant Program, offering grants to parents of children born on May 29th, a day recognized nationally to promote saving for a child’s future education.
Treasurer Loftis stated that the PalmettoBaby Grant Program will again coincide with National 529 Day, which falls on May 29th. The “529” refers to the state’s 529 College Savings Plan, also known as Future Scholar.
Loftis emphasized the program as a reminder for South Carolina families about the importance of utilizing the Future Scholar 529 College Savings Plan to invest in their children’s future education. He expressed delight in once again offering privately funded $529 grants to parents of every baby born in South Carolina on May 29th, with the hope of encouraging them to begin saving for education.
In addition to the grant opportunity, South Carolina parents who welcome a child on May 29th will receive a Future Scholar goody bag. This bag includes information about the state’s nationally recognized 529 college savings plan, according to a statement from Treasurer Loftis’s office.
The Future Scholar plan allows families to save for future education expenses with benefits such as tax-deductible contributions from state income taxes, tax-free growth of investments, and tax-free withdrawals for qualified education expenses. These funds can be used for a wide range of educational costs, including K-12 tuition, trade schools, registered apprenticeship programs, and student loan repayment.
