For most of us, America’s 250th anniversary stirred something deep within. Amidst barbecue and fireworks, we remembered those who signed the Declaration of Independence so long ago and pledged their lives, fortunes and sacred honor so that their children could someday live in freedom.
Today, we are privileged to prove ourselves worthy of their sacrifice. In South Carolina, our families relish carrying liberty forward. And we do so when we work to help our children access the education and opportunity that will make the most of the freedoms they’ve been given.
That’s why I believe so strongly in the Future Scholar 529 College Savings Plan. It helps families look beyond the next school year to their child’s future education, whether that be at a university or a technical college, in our state or across the globe. It helps them see that even a relatively small amount of money contributed consistently over a period of time can help pay for the education that will set a child on the path to success. It also offers the essential key to reaching a family’s savings goal: planning ahead.
Opening a Future Scholar account as early as possible launches the plan. Success comes when parents commit to setting aside an amount each month that fits into the family budget. That success is enhanced when a friend, grandparent or other family member understands that making a birthday contribution to education savings is a much more meaningful gift than a soon-forgotten toy. These contributions to a long-term savings plan are some of the most concrete acts of love and foresight families and friends can make. And they can be proud knowing that when they invest in education savings, they are investing in a child’s future.
South Carolina’s Future Scholar 529 Savings Plan gives families a smart way to do just that. Contributions are deductible on South Carolina tax returns, earnings grow tax-free, and withdrawals for qualified education expenses are tax-free as well. Those funds can help pay for tuition, books, supplies, room and board, as well as many other approved costs at eligible schools. The plan provides significant flexibility in an age of rising education costs and exorbitant student loan debt.
This year as we celebrate that great national anniversary, I hope South Carolina families will think not only about the freedoms we have inherited, but also about the future we are preparing. By contributing to a Future Scholar account, Americans helping prepare a child to step into adulthood – free from overwhelming debt and free to pursue their own American dream. I, for one, believe the Founding Fathers would be proud.
