Bring the HO! HO! HO! This Holiday Season
Ho! Ho! Ho! The joyful, hectic holidays have arrived. And for some of us, the season of magical wonder is beginning to feel more like the frenzied season of wonder-ing. We wonder what gifts we should buy. Which size will fit? Which color looks best? We simply want to give the perfect present – one that is memorable and meaningful.
If you are a parent, grandparent, uncle, aunt, or family friend, it’s not surprising you want to give the special child in your life an exceptional holiday gift. And what could be more significant than the gift of education?
So, are you ready to bring the HO! HO! HO! to your holiday giving? Check out the wonderful ways South Carolina’s Future Scholar 529 College Savings Plan is here to help:
1. You don’t have to wonder.
No more wondering what color will look best or what size to buy. With Future Scholar, your gift is sure to fit and stay in fashion - no matter what educational goals a child decides to pursue.
When your present is a contribution to a 529 account, you’re giving the gift of important options. Your favorite scholar will choose from hundreds of qualified and accredited universities, colleges, graduate schools, vocational schools, and trade schools across the country - or across the world - when it’s time to submit those all-important applications.
Your beneficiary may choose to use your gift to help pay for tuition, or they may use it to pay for other qualified expenses such as housing, meals, books, computers and more. Your gift is sure to fit just right.
2. You can skip the lines.
Thoughts of sitting in traffic and searching for a parking spot getting you down? Tired of online scrolling and shipping stress? No need to worry! South Carolina’s 529 plan will let you skip the lines, save the shipping and enjoy the season.
You can download a contribution form to give funds to a child who already has an account. Or if the child hasn’t been enrolled in Future Scholar, you can establish an account online. Accounts are easy to open, and there’s no minimum contribution needed to begin. Once the account is established, it’s simple for others to make regular contributions.
Future Scholar’s eGift feature also helps parents ask their friends and family to consider celebrating the holidays, or any special occasion, with a contribution to their child’s Future Scholar account. Parents often share that their children lose interest in new toys after a few weeks. The latest electronics quickly become obsolete, and clothes are soon outgrown. But the gift of education is one a child will never outgrow.
3. You get a gift for yourself.
When you give a contribution to college savings, your meaningful gift provides a benefit for you as well. South Carolina residents can deduct 100 percent of their contributions to a Future Scholar 529 account from their state income taxes.
The money you contribute also grows free of state and federal income taxes. And when the child is ready to use the funds, withdrawals made to pay for qualified education expenses will be tax exempt, too. You’ll have the satisfaction of knowing your contributions mean less money your loved one will need to borrow to achieve those important educational goals.
4. The perfect choice for a bright future.
A contribution to a Future Scholar account is the perfect gift because it has the opportunity to grow over time. Thanks to compound interest, your initial gift has the chance to increase many times over - and even more if you choose to make contributions in the years to come. In fact, contributing a gift to a Future Scholar account would make a wonderful holiday tradition year after year.
So, forget the shopping worries! The gift of a future education is always the right choice. And when the time comes to head off toward that bright future, the special child in your life will know you cared enough to choose the most meaningful and memorable holiday present of all.