Just in time for a new school year, State Treasurer Curtis Loftis is pleased to announce more South Carolinians than ever are signing up for a Future Scholar 529 College Savings Account.
From January of this year to June 1st, the number of people opening Future Scholar 529 accounts has increased 39% compared to the same period of time last year. Assets under management for the only state-sponsored college savings plan in South Carolina total approximately $1.4 billion.
“With families saving money during the upcoming tax free weekend, the best place to put that savings is into our Future Scholar 529 College Savings plan so they can earn even greater tax savings,” Treasurer Loftis said. “Our Future Scholar 529 College Savings Plan is one of the top rated college savings plans in the nation, so it is great to see more people in South Carolina taking advantage of this tax deductible program.”
More than 50,000 South Carolinians are taking part in the Future Scholar plan. South Carolina’s 529 plan has been consistently rated as one of the top college savings plans in the nation, receiving the 5-Cap Rating (highest rating) by www.SavingforCollege.com.
Contributions by a South Carolina resident into a Future Scholar 529 College Savings Account are fully SC tax deductible up to 7%.
The Future Scholar program is administered, promoted and marketed by the Office of State Treasurer Curtis Loftis without any taxpayer funding. The program is a win for the State, taxpayers, and students.