It’s never too soon to pay for college

SC Treasurer Curtis Loftis sat down with Tyler Ryan to talk about the 529 program

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COLUMBIA, SC (WOLO) — The cost of college continues to rise, leaving behind graduates with large loans, or families that have sacrificed for years in an effort to help off-set the cost and potential loans.

The State of South Carolina’s 529 Future Scholar program is designed to help build a tax-free education fund for students and future students.  “All earnings grow free from federal income tax, and are tax free when used for education,” says Treasurer Curtis Loftis.  The funds can be used at most two and four year schools, including out of state options.

The 529 plan boasts over 91,000 residents, and manages over $2.7 billion of tax payers hard earned cash.

“Something some people don’t know,” says Treasurer Loftis, “is that the State allows you until tax day to retroactively deposit money into the previous years account.”  According to Treasurer Loftis, this is an important distinction, because tax payers who may get a refund can turn around and apply it to the same tax year.  In other words, as long as you make a deposit by April 18th 2017, you can  get credit for 2016.

You can learn more about the Future Scholar 529 program HERE.