5/29/13 babies in SC can get $529 college grant

COLUMBIA, S.C. (AP/WCIV) - The South Carolina Treasurer's Office is offering a $529 college saving grant to every baby born in the state on Wednesday.

The state's college savings plan is called a 529 account, so Treasurer Curtis Loftis says he decided to give a boost to any baby born on 5/29.

The $529 grant is privately funded and available to parents of babies born on May 29, 2013, who open a Future Scholar 529 account by Aug. 30.

"Hospitals all over South Carolina are doing a great job bringing babies into this world.{} The State Treasurer's Office would like to help every PalmettoBaby reach his or her full potential by awarding $529 college savings grants when parents or guardians open a 529 account for their newborn," Treasurer Loftis said.{} "We hope that other South Carolina families will be inspired to invest in their children's futures by enrolling in the Future Scholar 529 College Savings Plan.{} In 2012, the Treasurer's Office negotiated many improvements to the program, making it easier to use and more successful than ever."

Future Scholar allows parents, relatives and friends to contribute tax-free money toward a child's college education. The money is invested and can be removed from the account without paying taxes to pay for college expenses.

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