PalmettoBaby Grant program returns for 9th year

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For the ninth year, S.C. families with babies born on May 29 can receive a $529 grant toward future college savings.

The Future Scholar 529 College Savings Plan is once again celebrating national 529 College Savings Day with the PalmettoBaby Grant Program. All babies born in the state on May 29 are eligible to receive a privately funded grant when their parents open a new Future Scholar savings account by Aug. 31.

“We enjoy reminding parents about the need to save for college all year-round,” S.C. Treasurer Curtis Loftis said in a news release. “But on May 29, we kick it up a notch with our popular PalmettoBaby grant program. It’s a fun way to celebrate National 529 Day, and we know these new parents are thrilled for the chance to jumpstart their newborn’s savings with a $529 grant for their child’s future education.”

The Future Scholar plan offers opportunities for tax-deductible contributions from state income taxes, tax-free growth and tax-free distributions for qualitied education expenses.  

Grant applications and more information can be found at FutureScholar.com/news-events/PalmettoBaby.