COLUMBIA, S.C. — To celebrate National 529 College Savings Day, the South Carolina Treasurer’s office is helping parents get a jump-start on their child's college fund.
Babies born in South Carolina on May 29, 2022, are eligible to receive a $529 PalmettoBaby grant toward a college savings fund through the Future Scholar 529 College Savings Plan.
So what exactly is a 529 plan?
"A 529 plan is an amazing way to save for college education, that allows you to invest the money, and then it grows tax-deferred, so there are no taxes on it," Mark Henry, the CEO of Alloy Wealth Management, said. He added, "as long as you spend it on a qualified expense, something that is for the tuition of a child, then you actually never pay taxes on the money."
Parents will get a Future Scholar goody bag with information on the state’s 529 college savings plan and a privately funded grant.
To receive the PalmettoBaby grant, parents of babies born on May 29 must complete the grant application and open a Future Scholar account by August 31, 2022.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Parents are also encouraged to post a photo of their baby on social media using the hashtags #SCPalmettoBaby and #futurescholar.
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