State Treasurer Curtis Loftis has announced the return of the PalmettoBaby Grant Program in celebration of National 529 Day, observed annually on May 29. This initiative serves as a reminder to families and friends about the importance of saving for a child’s future education.
“Each year, I like to remind South Carolina families about our award-winning Future Scholar 529 College Savings Plan that can help them save for their loved ones’ future education,” said Loftis. “We are pleased to offer privately funded $529 grants to the parents of every South Carolina baby born on May 29 in hopes that we are helping set these new babies on a course for lifelong saving.”
Since 2012, the State Treasurer’s Office has partnered with hospitals across South Carolina to promote college savings through the PalmettoBaby Grant Program. Parents of babies born on May 29 have the opportunity to receive a $529 college savings grant by completing the grant application and opening a Future Scholar account by September 3, 2024.
In addition to the grant, South Carolina parents receive a Future Scholar goody bag containing information about the state’s nationally recognized 529 college savings plan. Future Scholar allows families to save for education expenses with tax-deductible contributions, tax-free growth, and tax-free distributions for qualified expenses such as K-12 tuition, trade schools, apprenticeship programs, and student loan repayment.
For more information about the PalmettoBaby Grant Program and its eligibility guidelines, visit FutureScholar.com/PalmettoBaby. Future Scholar is South Carolina’s 529 College Savings Plan, administered by the State Treasurer’s Office, with over $6 billion in assets under management, helping more than 225,000 South Carolinians save for their loved ones’ future education. Visit FutureScholar.com or follow @SCStateTreasurer on Facebook for more details.
