Celebrating May with Caps, Gowns and College Savings
On campuses across the country, families will gather this month to celebrate an important milestone—college graduation. For parents, it often seems as if the time has flown by. In reality, however, their children’s incredible accomplishment took years of committed financial planning and steady encouragement – not to mention hours and hours of homework!
For families with young children, one of the best ways to achieve the goal of higher education is to start saving with Future Scholar now.
It’s easy to open an account
Young parents often worry that it takes a lot of time and money to get started saving. Babies and toddlers demand attention and stretch the family budget, tempting parents to put off opening an account.
But Future Scholar was designed with busy parents in mind. Anyone can open a Future Scholar account online with any amount of contribution- in just a few minutes.
Since getting started is half the battle, Future Scholar makes it easy to set up an account. The next step – setting up a steady savings plan – is simple, too. Automated contributions give you total control of the amount you’d like to contribute on the schedule that’s best for you. And you can adjust your automated contributions online, so you’re always in control.
Tax benefits help your savings add up
Future Scholar comes with tax benefits you won’t find with a traditional savings account.
Contributions to a Future Scholar account can be deducted from your South Carolina income taxes, helping you save in more ways than one. Even better, you won’t pay taxes on the interest you earn, and the money in your account grows tax-free.
Flexible spending gives you peace of mind
When your child is very young, you can’t possibly know what the future holds. That’s why Future Scholar accounts are flexible. Your savings aren’t limited to paying for tuition at a four-year university.
Funds can go toward technical colleges, trade school programs, apprenticeships, graduate or professional schools, and your savings aren’t just for tuition. You can use your funds for costs associated with education such as equipment, computers, housing and food.
Future Scholar savings pay for education at accredited institutions across the U.S. and around the world. And your money can be transferred to another family member if your child doesn’t spend all the savings for higher education.
Make it a 529 day in May
This month is a great time to start saving. May 29 is 529 Day!
Future Scholar will celebrate 529 Day again this year on May 29 with our 2023 PalmettoBaby Grant – a privately funded grant of $529 awarded to all South Carolina babies born on May 29 when their parents open a Future Scholar account. If you know someone who is expecting a baby in late May, please share this information with them.
We know you have big dreams for your child’s successful life. We hope the college grads tossing their caps this spring will inspire you to save for your child’s future education. Future Scholar can help you and your family make dreams come true.