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SC babies born on May 29 eligible to receive $529 for college savings

Every baby born in the state on May 29 will receive privately-funded $529 grants.
Every baby born in the state on May 29 will receive privately-funded $529 grants.(South Carolina Treasurer's Office)
Published: May. 16, 2022 at 10:38 AM EDT
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COLUMBIA, S.C. (WCSC) - South Carolina’s state treasurer said babies born on the last Sunday of May this year will get an extra jump on their college savings.

Treasurer Curtis Loftis said the state will observe National 529 Day with PalmettoBaby grants through the state’s Future Scholar 529 College Savings Plans. Every baby born in the state on May 29 will receive privately-funded $529 grants.

This year, the PalmettoBaby Grant Program will celebrate a decade of collaborating with hospitals across the Palmetto State to promote the importance of saving for college, State Treasurer’s Office spokesperson Karen Ingram said.

New PalmettoBaby parents will receive a Future Scholar goody bag which includes information about the state’s award-winning 529 college savings plan and a $529 college savings grant, she said.

“The best way to commemorate 529 Day is to remind families of the importance of saving for college. We are proud of the Future Scholar families who celebrate a child’s graduation this month, and we welcome the new families who want to begin saving for the future,” Loftis said. “Together with our hospital partners, we are pleased to highlight the value of 529 plans by jumpstarting college savings for babies born on 529 Day with the PalmettoBaby grant.”

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, 2022.

The program offers families a 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.

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