COLUMBIA — State Treasurer Curtis Loftis announced the return of the annual PalmettoBaby Grant Program in celebration of National 529 Day.
“South Carolina’s Future Scholar 529 College Savings Plan is proud to offer once again privately funded $529 grants to the parents of every South Carolina baby born on May 29,” Loftis said. “We look forward to celebrating National 529 Day by helping set these new babies on a lifelong path of saving.”
For 11 years, Treasurer Loftis has partnered with hospitals across the Palmetto State to promote the importance of saving for college through the PalmettoBaby Grant Program.
In addition to the opportunity to secure a $529 college savings grant, South Carolina parents who give birth on Monday, May 29, receive a Future Scholar goody bag, which includes information about the state’s award-winning 529 college savings plan.
“My primary duty as administrator of Future Scholar is to help South Carolina families save for their loved ones’ future education,” Loftis said. “Amid the excitement of new babies, our 529 Day celebration is an opportunity to remind all South Carolina families of the importance of saving for college.”
To receive the PalmettoBaby grant, parents of babies born on May 29 must complete the grant application and open a Future Scholar account by Aug. 31, 2023.
The Future Scholar 529 College Savings Plan offers families a smart and easy way to save for their children’s college education expenses with opportunities for tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualified education expenses.