Treasurer Curtis Loftis Talks Tax Time when Saving for College
Treasurer Curtis Loftis spoke with Chuck Ringwalk of WLTX about the benefits of using the Future Scholar 529 College Savings Plan to save for college.
This year marks the 15-year anniversary of the Future Scholar program. Launched in 2002, Future Scholar has achieved tremendous growth in fifteen years, including:
- total number of accounts has increased from 9,800 in 2002 to over 134,000 in 2017
- total assets have grown from $81 million in 2002 to $2.7 billion in 2017
- average account size has risen from $8,233 in 2002 to $20,222 in 2017
- Future Scholar’s Financial Literacy Program has brought critical financial education to students across the state, resulting in an average 36% increase in financial knowledge for students who complete the course
- more than $50,000 has been awarded in privately funded PalmettoBaby grants
Future Scholar has one of the best state tax deductions of any 529 plan. Currently, only 34 states and the District of Columbia offer a state income tax deduction or state tax credit for contributions to 529 plans. Treasurer Loftis wants all South Carolinians to know it's the smart, easy way to save for college.