Taking advantage of a college savings plan can be a great way to help your child reach his or her educational goals. If you’re a South Carolina resident, you may be looking for the best savings options. Take a look at some of the information below to learn more about possible college savings plans. If you need help deciding on your college savings plan choices, meet with an estate planning attorney.
This is blog post will discuss the Future Scholar 529 College Savings Plan. Unlike the previously discussed Tuition Prepayment Plan, this plan is currently open for new enrollment.
What is the Future Scholar 529 College Savings Plan?
This plan was established in 2002 to help families better prepare for the future costs of college. To get started with the plan, you must make a minimum initial contribution of $250. You will also be required to make a $50 minimum contribution each month.
This plan allows families to save for the costs of college until the account reaches a maximum total of $318,000.
There are different investment options to consider when utilizing this college savings plan. You’re able to take advantage of this opportunity with or without the help of a financial advisor.
What are the benefits of the Scholar 529 College Savings Plan?
This plan allows you to invest only a small amount of money at a time, so that you’re able to always invest, no matter your financial situation.
You will also be able to take advantage of tax benefits. All of the earnings will grow federally tax-free. You will also be free from federal taxes when making education expense withdrawals. You’re also able to deduct contributions from your state tax return.
If you have any questions about how to go about saving for college or if you need help enrolling in a college savings plan, consult with a qualified estate planning attorney.