Future Scholar PalmettoBaby Program

May 29 is 529 Day, a day dedicated to raising awareness of the 529 Plan — an investment account designed to help families save money for college. Like a 401(k) account for retirement, a 529 account offers important tax advantages for your college savings.

The Office of State Treasurer Curtis M. Loftis, Jr., sponsor of South Carolina’s Future Scholar 529 College Savings Plan would like to celebrate all babies born in South Carolina on 5/29/14 with a special grant:

  • When you open a new Future Scholar account you will receive a $529 grant into your new account.1
  • Deadline: All fully completed and signed forms must be received by September 2, 2014.

Applying is as easy as 1, 2, 3

2. Open an account online or mail a completed and signed Future Scholar application pdf to the following

Regular mail:
Future Scholar
529 Savings Plan
PO Box 8036
Boston, MA 02266
For overnight:
Future Scholar
529 Savings Plan
30 Dan Rd, Suite 8036
Canton, MA 02021

3. Mail or fax a fully completed and signed Future Scholar 529 grant request form pdf and a copy of your child’s South Carolina birth certificate to:

Mail: College Savings Plans Division
ATTN: Future Scholar 529 Baby Grant Program
P.O. Box 11778
Columbia, SC 29211
Fax: 803.734.9823

Future Scholar 529 Plan Benefits

  • Contributions may be eligible for a South Carolina state income tax deduction.2
  • The parent or guardian named on the account retains complete control of the funds to help ensure they are used as intended.
  • Money in your account can be used at any eligible college in the country. For a complete listing, use the School Code search at www.fafsa.ed.gov.
  • If your child ends up not going to college, the beneficiary can be changed to another qualified family member.
  • Anyone can contribute to the account, so you can allow relatives and friends to help save for this important goal.
  • The Automatic Contribution Plan lets you make easy and ongoing transfers from your bank account.

Learn more about Future Scholar

1Grants will be made by the South Carolina State Treasurer’s Office, subject to availability of funds.

2Up to the maximum account balance limit of $370,000 (or any lower limit under applicable law). Distributions not used for qualified education expenses must be included in South Carolina gross income to the extent those amounts were previously deducted from South Carolina taxable income.

Please consider the investment objectives, risks, charges and expenses carefully before investing in the Future Scholar 529 College Savings Plan. Contact your financial advisor or Columbia Management for a Program Descriptionpdf, which contains this and other important information. Read it carefully before investing. You should also consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Columbia Management Investment Distributors, Inc., distributor and underwriter.

Please remember there’s always the potential of losing money when you invest in securities.

The Advisor Plan is sold exclusively through financial advisors, while the Direct Plan is sold directly by the Program. Participation in the Direct Plan is limited to a select group of investors, as described in the Program Description. The Direct Plan offers a more limited selection of investment choices than the Advisor Plan, and the fees and expenses are lower. Please refer to the Program Description for more information.

Columbia Management Investment Distributors, Inc., member FINRA, is the distributor and underwriter for 529 plans available through Columbia Management. The Office of State Treasurer of South Carolina (the State Treasurer) administers the Program and has selected Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (Columbia Management) as Program Manager. Columbia Management and its affiliates are responsible for providing certain administrative, recordkeeping and investment services, and for the marketing of the Program. Columbia Management is not affiliated with the State Treasurer.

Tax treatment varies by state. For residents of states other than South Carolina: Favorable state tax treatment for investing in a Section 529 college savings plan may be limited to investments in a Section 529 college savings plan offered by your home state. You should consult with your tax advisor about any state or local taxes before making any tax-related decisions. The tax information set forth in this presentation is general in nature and does not constitute tax advice on the part of Columbia Management Investment Distributors, Inc., its affiliates or the South Carolina Office of State Treasurer.

Questions about the grant program?

Contact Us
803.737.6808

palmettobaby@sto.sc.gov

2013 PalmettoBaby Winners
Congratulations to 2013 PalmettoBaby, Cooper!

Cooper is one of the 26 babies who was awarded a $529 grant for college savings day.

Read more about the 2013 winners