5/29 babies in SC can get $529 college grant

COLUMBIA, S.C. (AP) — The South Carolina Treasurer’s Office is offering a $529 college saving grant to every baby born in the state Wednesday.

The state’s college savings plan is called a 529 account, so Treasurer Curtis Loftis says he decided to give a boost to any baby born on 5/29.

The $529 grant is privately funded and available to parents of babies born on May 29, 2013, who open a Future Scholar 529 account by Aug. 30.

Future Scholar allows parents, relatives and friends to contribute tax-free money toward a child’s college education. The money is invested and can be removed from the account without paying taxes to pay for college expenses.