Many South Carolina residents decide to invest in a college savings plan in order to help fund their child’s future college expenses. The state of South Carolina offers different plans to make the savings process easier on you. If you’re thinking about taking advantage of a college savings plan, take a look at the information below to learn more. If you have any questions about choosing the best college savings plan for your individual needs, meet with an estate planning attorney.
This blog post is part of at two part blog article discussing South Carolina savings plan options. This post will take a close look at the South Carolina Tuition Prepayment Program.
What is the South Carolina Tuition Prepayment Plan?
This is a plan that was created in 1998 to help South Carolina residents pay for the costs of college. This plan is currently not open for new enrollment until the state chooses to accept new participants.
It’s a good idea to keep an eye on this plan so that you’re able to take advantage of its benefits when new enrollment is accepted.
This plan allows individuals to prepay for a college education of their choosing. This includes choosing between a 2 year degree or 4 year degree program.
This program also offers different payment plans to make it easier to save.
What are the benefits of the South Carolina Tuition Prepayment Plan?
One main benefit is the fact that you’re investing in an actual college tuition and are able to choose the best plan that fits your child’s needs.
There are also tax benefits. You’re able to take advantage of state tax deductions based on the contributions that you make each year. Your earnings are also free from federal taxes.
This program makes it possible to save for college costs easily. You should keep an eye on this program to take advantage of enrollment, when possible.
If you have any questions about your South Carolina college savings plan options, consult with a qualified estate planning attorney.