Why Future Scholar When Saving for Kids College?

The Smart, Easy and Best Way to Save for Your Child's College Education

Just thinking about the cost of a college education can be intimidating, but starting to save now is one of the most important things you can do for your child’s future.

Future Scholar is a 529 plan that helps you save today for your child's future college education. A Future Scholar account can help you grow your savings more efficiently by offering tax advantages, investment options and flexibility that puts you in control.

5 Reasons to Consider Future Scholar when Saving for Kid's College:

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Tax deductions while you grow your college savings

Saving in a Future Scholar account helps you keep more money for actual college expenses. That's because the money in your account is not taxed as it grows. And when you need the money for college costs, you can withdraw it tax-free.

If you live in South Carolina, you may get even more tax advantages. You may be able to deduct your contributions to your Future Scholar account(s) from your South Carolina state income taxes. In addition, you'll pay no state income tax when you use the money for college expenses.

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You’re in control

Future Scholar is all about choices. You decide when, where and who can use the money you save, even after your child turns 18. Your child also has choices when the time comes to decide which college to attend. They can use their savings at a variety of schools in the US or at a number of international schools.

If your child doesn't need the money because they received a scholarship or they decided not to attend college, you can transfer the account to another beneficiary or leave the money in your account for future use.

In addition, you can choose from various 529 investment options and find an investment strategy that makes sense for your individual needs — whether you're investing for a baby, an older child or even your own education.

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Low impact on financial aid eligibility

When it comes to apply for financial aid, only a small percentage of the account's value (currently 5.64% or less) is factored in when determining your expected family contribution and financial aid each academic year.

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No income or age limits

Anyone can open a Future Scholar account, regardless of age or income. You can set up an account for a child, teenager or even an adult.

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High contribution limit

Future Scholar’s high contribution limit gives you the flexibility to help meet the cost of college. Family and Friends can also establish Future Scholar accounts for the same child, as long as the total of all accounts is not more than $540,000 per beneficiary.

Ready to
get started?

Once you’ve enrolled in Future Scholar, it’s easy to make a contribution. Anyone, including parents, grandparents, or other family and friends, can contribute.

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