SC Babies Born May 29 Get $529 College Grant

If you're expecting to have a baby this week, then today would be a good time to do it.

In an effort to promote the state's 529 college-savings account, Future Scholar, the state's Treasurer's Office is offering a $529 college grant to every child born on May 29, state Treasurer Curtis Loftis said Wednesday.

The PalmettoBaby grant is being privately funded and offered to parents who open a Future Scholar 529 grant no later than Aug. 30.

“Hospitals all over South Carolina are doing a great job bringing babies into this world. The State Treasurer’s Office would like to help every PalmettoBaby reach his or her full potential by awarding $529 college savings grants when parents or guardians open a 529 account for their newborn,” Treasurer Loftis said. 

“We hope that other South Carolina families will be inspired to invest in their children’s futures by enrolling in the Future Scholar 529 College Savings Plan. In 2012, the Treasurer’s Office negotiated many improvements to the program, making it easier to use and more successful than ever.”

Future Scholar 529 allows parents, relatives and friends to contribute tax-free money toward a child's college education. The money is invested and can be removed from the account without paying taxes to pay for college expenses.

South Carolina’s Future Scholar 529 plan is one of the top-rated and lowest cost college saving plans in the country and has earned the highest rating of FIVE CAPS from the savingforcollege.com website, Loftis said. Nearly 100,000 participants are enrolled in the plan, with a total of $1.7 billion under management.