COLUMBIA, S.C. (May 15, 2024) – State Treasurer Curtis Loftis announced the return of the PalmettoBaby Grant Program in celebration of National 529 Day. Observed annually on May 29 (5/29), the day provides an important reminder to families and friends of how easy it is to help save for a child’s future education.
“Each year, I like to remind South Carolina families about our award-winning Future Scholar 529 College Savings Plan that can help them save for their loved ones’ future education,” said Treasurer Loftis. “We are pleased to offer privately funded $529 grants to the parents of every South Carolina baby born on May 29 in hopes that we are helping set these new babies on a course for lifelong saving.”
Since 2012, the State Treasurer’s Office has partnered with hospitals across South Carolina 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 nationally recognized 529 college savings plan.
To receive the PalmettoBaby grant, parents of babies born on May 29 must complete the grant application and open a Future Scholar account by September 3, 2024.
Future Scholar allows families to save for their children’s future education expenses with opportunities for tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualified education expenses. Future Scholar 529 funds can be used for K-12 tuition, trade schools, registered apprenticeship programs and student loan repayment.
Visit FutureScholar.com/PalmettoBaby to learn more about the PalmettoBaby Grant Program and its eligibility guidelines.
About Future Scholar
Future Scholar is South Carolina’s 529 College Savings Plan, administered by the State Treasurer’s Office. The plan has more than $6 billion in assets under management and is credited with helping more than 225,000 South Carolinians save for their loved ones’ future education. For more information, visit FutureScholar.com or follow @SCStateTreasurer on Facebook. Future Scholar is self-supported and does not receive taxpayer funding.
