South Carolina 529 Plan

South Carolina offers one 529 plan, a traditional 529 plan called Future Scholar 529 College Savings Plan.

Future Scholar 529 College Savings Plan

Future Scholar 529 College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct and Advisor.  If either the account owner or beneficiary (or both) is an in-state resident, you have the choice of a direct or advisor plan.  Out-of-state residents have the option of the advisor plan.  If you choose to follow through with the advisor plan, please contact a financial advisor in your state for assistance.

Fund Family:  Columbia Management Group, LLC

Minimums:  To get started you can deposit $250 or set up an automatic monthly plan or payroll deduction plan for $50 a month. Minimum subsequent contributions are $50.

Maximum Contributions:  Currently, you can contribute until your account balance reaches $318,000 in your South Carolina 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for South Carolina residents - by investing in your state’s 529 plan, every dollar contributed can be deducted from your adjusted gross income.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Other Benefits:  Through your Future Scholar 529 College Savings Plan, you have the option to be a part of a reward program set up by Upromise®.  By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.

Residency:  Future Scholar 529 College Savings Plan’s advisor plan is open to all United States residents, and the direct plan is only open to South Carolina residents (either account owner or beneficiary).

You can learn more about this South Carolina 529 plan at the official website http://www.futurescholar.com/UserRelationship/UserRelationshipPage.htm.