September is College Savings Month! Are you ready to start saving?
The start of a school year brings so much excitement but also so many nerves! It is a time for expanding educational horizons and new opportunities. Along with those new opportunities comes the back-to-school checklists to make sure children are equipped with the tools to succeed for the school year. How are you doing with your list? You might have forgotten one of the most important items and you didn’t even realize it!
While it can be easy to get bogged down with the needs of today and tomorrow, it is vital that families also plan for the next five, 10 and even 15 years. Is there a checklist for that? Maybe not, but if there was, saving with a Future Scholar 529 savings plan should be at the top of the list.
Future Scholar is a tax-advantaged investment plan designed to help families save for a beneficiary’s (typically one’s child or grandchild) future education expenses. Savings in a 529 plan grow free from state and federal income taxes, and withdrawals remain tax-free when used for qualified education expenses. And your contributions to Future Scholar are deductible from your South Carolina state income tax returns.
Future Scholar is designed to encourage early and consistent savings efforts by offering an easy, affordable, and convenient way for families to save for college. Money can be used to pay for a variety of education expenses, including tuition, fees, room, board, books, supplies, and required equipment.
Does your child already have a dream school? Great! If not, you don’t have to worry because 529 funds can be used at virtually any accredited college in the United States and in some foreign countries.
So this September as you navigate the hustle and bustle of back-to-school season to-do lists, don’t forget to think long-term and consider contributing to a Future Scholar 529 plan for the expenses coming in the future. Your loved ones will be glad you did.