CHARLESTON, S.C. (WCIV) -- Babies born in South Carolina on May 29, 2014 will receive a one-time $529 college savings grant in celebration of National 529 Day.
The PalmettoBaby Grant Program is an extension of The Future Scholar 529 College Savings Program administered by the Office of The State Treasurer.
National 529 Day was founded to promote 529 college savings plans, which allows parents to contribute tax deductible funds to an account for their children's qualified education expenses.
Families who receive the grant can either transfer the funds into an existing Future Scholar account or have the money available once the parent or guardian opens an account for a newborn.
"I'm delighted that my office can play a role in jump-starting college savings accounts for these PalmettoBabies and their families as well as encouraging other families to open Future Scholars plans of their own," state Treasurer Curtis Loftis said.
According to the Office of The State Treasury, approximately 200 babies are born on May 29 each year in South Carolina.
For more information on the PalmettoBaby Grant Program, visit ?www.futurescholar.com/palmettobaby?.