Need More Reasons to Save With Future Scholar? Keep Reading
By now you’ve probably heard about the great tax benefits you can get when you open a Future Scholar 529 College Savings Plan, like the fact that account earnings are free from state and federal taxes.
You may even know that South Carolina residents enjoy a dollar-for-dollar tax deduction on all contributions made to a Future Scholar account.
So what else is there to know? Here are three little-known facts about the 529 plan that will give you even more reasons to save with Future Scholar.
1. You can open an account for anyone – even yourself!
If you’re a friend, neighbor or godparent, you may be wondering, “Can I open an account for someone special in my life?” The answer is yes.
Any U.S. citizen can open an account. There are no age, income or family relationship limits. You can even open a 529 plan for yourself.
2. You can use the money saved in a Future Scholar plan to pay for a vocational program or technical college.
529 plans are not just for four-year colleges or universities.
The money you save in a Future Scholar account can be used at any eligible educational institution in the United States, including out-of-state, some international schools, two- and four-year public and private colleges, graduate and professional programs and certain vocational-technical schools.
You can search for eligible educational institutions on the Federal Student Aid (FAFSA) website.
3. Money saved in the plan can also be used to pay for tuition in elementary or secondary public or private schools.
Families with 529 plans can now withdraw up to $10,000 per student, per year tax-free to pay for K-12 tuition at public, private, or religious elementary or secondary schools.
The more you know, the more you’ll want to make Future Scholar your educational savings plan.
To Learn More
For more information or other facts about the Future Scholar plan, visit www.FutureScholar.com.