South Carolina 529 College Savings Plan
Future Scholars - South Carolina's College Savings ProgramYou can open an account with Future Scholars for as little as $250. The earnings from the deposits will grow state and federal tax deferred. Disbursements will also be federal and state tax free when used for eligible educational expenses. South Carolina taxpayers can benefit by deducting their Future Scholars contributions from their South Carolina taxable income. There may be limits imposed by the South Carolina legislature.
The South Carolina Future Scholars Program offers many investment products ranging from conservative to very aggressive. There is an age based option which will automatically move your money from aggressive funds to more conservative as the age of the beneficiary increases and nears college age. Within the aged-based, there are six funds ranging from the aggressive growth for the 0-5 year olds to conservative income for those 18+ or already attending college.
Under the Customized Portfolio Selection Choice, there are ten different portfolios ranging from the Future Scholar Aggressive Growth Portfolio which is invested in 100% equities to the Future Scholar Income Portfolio, which is invested in 15% equities and 85% fixed income and cash. For a full listing of the Customized Choices, visit the Future Scholars Custom Choices page.
South Carolina Tuition Prepayment ProgramThe South Carolina Tuition Prepayment Plan has been discontinued by the Legislature. People who were already taking part will still be able to use it, but no new participation is allowed. You can get more information on the South Carolina Tuition Prepayment Program at http://sctpp.sc.gov/.
You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.
The Scholarship & Grant Guide