October 1, 2021

Add college savings to their gift list now: Future Scholar’s eGift makes it easy

You may be carving spooky pumpkins, choosing the perfect costumes and buying up trick or treat candy, but chances are Halloween isn’t the only holiday on your mind. Many shoppers are already thinking of the perfect presents under a glittering tree, and according to national retail experts, they’ll be making their gift purchases earlier than ever this year.

That forecast is a great tip for busy parents: If you’d like friends and family to give a contribution to your child’s college savings as a holiday gift, now is the time to suggest it.

Benefits for everyone

Grandparents, aunts, uncles and neighbors who shop for your child are sure to find college savings to be a welcome alternative to a less meaningful gift:

  • There’s no worry about whether it fits or is the “cool” present a child wants.
  • Late deliveries and missing parts won’t be an issue.
  • Future Scholar gifts can be made online, at any time.

And there are tax advantages for gift-givers, too. Since contributions to a Future Scholar account can be deducted on their South Carolina income tax returns, friends and family gain a benefit for themselves when they give this special gift.

For parents, a Future Scholar gift is a way to help their children meet the expense of higher education, an important and impactful gift. As one mother told State Treasurer Curtis Loftis, “Our kids don’t need more stuff.” A gift to Future Scholar means fewer toys or clothes that will be outgrown, broken or shoved to the back of the closet.

The greatest benefit of all goes to the children who receive these gifts. Every dollar added to a Future Scholar account can lessen the amount a child may not have to borrow to pay for higher education. Since South Carolina’s 529 college savings plan is designed to be flexible, parents have a wide range of possibilities about how they can spend that money, which means they’ll have more resources to help their dreams come true, whatever those dreams may be.

eGift makes it easy

For parents who want to suggest the gift of education, eGift is an easy way to send that invitation.

It’s an email invitation that parents can create through their Future Scholar account. In addition to helping parents write and send the invitation, eGift includes a link - allowing gift-givers to directly contribute with just a click.

eGift can be used for any occasion such as a birthday, graduation, or special event. But it’s especially helpful for holiday giving, when relatives need ideas for children’s gifts and are eager to reduce the stress of Christmas shopping.

A gift to feel good about

While many states across the U.S. have 529 savings plans, The Wall Street Journal and Money magazine have ranked South Carolina’s Future Scholar plan among the best in the nation.

Administered by the State Treasurer’s office, the plan manages over $5 billion in assets and earns high marks for performance and low fees. The plan’s size has tripled over the last 10 years, with more families enjoying its flexibility and tax benefits to save for their children’s future education.

So take a break from pumpkin carving and get a jump on the season of giving. Adding a Future Scholar eGift to your friends and family’s lists will help make everyone’s holiday merry and bright.