CHARLESTON, SC - In a special presentation Wednesday, State Treasurer Curtis M. Loftis Jr. announced all babies born in South Carolina Friday, May 29, 2015, are eligible to receive a free college savings grant.
Loftis was joined by MUSC CEO Dr. Pat Crawley and a host of hospital officials for the announcement inside MUSC's Ashley River Tower.
The grant, which totals $529, is in honor of National 529 Day, an annual celebration used to raise awareness of the benefits of a 529 investment plan.
Plans typically cover college tuition, and are tax-free both on savings and investments, as long as it's used for qualified expenses.
"Most college students graduate with debt," Loftis Jr. said.
"That debt determines what they do, many times, what they do for the rest of their life."
Funds from the 529 grant will be administered by the Office of State Treasurer once, and are privately funded.
The money would then be deposited into an existing Future Scholar account, or a new account, once opened by the newborn's parent or guardian.
Loftis hopes by marketing the grant throughout state hospitals Friday, more families will learn to better prepare for college expenses.
“It can never be too early to begin saving for a loved one's future college education," he added.
For more information on the Future Scholar 529 PalmettoBaby grant program, visit http://www.futurescholar.com/palmettobaby/