MYRTLE BEACH, S.C. (WBTW) – Parents with babies born on May 29 may be able to receive a privately-funded $529 grant for their child’s college savings.
State treasurer Curtis Loftis said parents of babies born on that date must complete a grant application and open a future school account by August 31.
The South Carolina State Treasurer’s Office announced this week the state continues to celebrate National 529 College Savings Day with its Palmetto Baby Grant program. It’s an annual program, promoting the importance of saving for college in collaboration with hospitals across the Palmetto State.
The SC Treasurer said he likes to remind parents all across the state about the need to save for college all year long and the Palmetto Baby Grant is a way to jumpstart their newborn’s savings.
“$529 is a great way to start off, because that money is going into the bank and will be an investment right off of that and in 18 years it’ll be a lot of money. But of course we do this to start this program and then they get their family and friends to put money in,” Loftis said.
You must show a birth certificate, no income restrictions apply, and the account owner must be 18 years or older. The state treasurer said he believes this program brings to light the need to save for those future expenses.
“It used to be very broad. You can go to any two year or four year accredited college in the country and about 600 around the world. It would pay for all that, tech school, trade school and register at apprentices but now they even allow you to use it for private school, K-12 so if you go to a private school it will pay up to 10,000 dollars a year in tuition,” Loftis said.
If you would like to learn more about the program, click here.