COLUMBIA, S.C. (WCBD) — South Carolina Treasurer Curtis Loftis today announced the 15-year anniversary of Future Scholar, South Carolina’s 529 College Savings Plan. Launched in 2002, Future Scholar has achieved tremendous growth in fifteen years, helping families in the state and across the nation save for college. Future Scholar’s total number of accounts and assets are currently at a record high, with more than 134,000 plans open and $2.7 billion in total assets.
“It is truly amazing to see the trajectory of growth our state’s 529 plan has made in fifteen years,” said Treasurer Loftis. “I am proud of the work we have done to enhance this plan during the seven years I have been in office. Seeing Future Scholar become so successful by helping families save for college is one of my greatest accomplishments as State Treasurer.”
Highlights of Future Scholar’s 15-year growth include:
- Total number of accounts has increased from 9,800 in 2002 to over 134,000 in 2017
- Total assets have grown from $81 million in 2002 to $2.7 billion in 2017
- Average account size has risen from $8,233 in 2002 to $20,222 in 2017
- Future Scholar’s Financial Literacy Program has brought critical financial education to students across the state, resulting in an average 36% increase in financial knowledge for students who complete the course
- More than $50,000 has been awarded in privately funded PalmettoBaby grants
“As it reaches its 15-year milestone, Future Scholar is not only bigger, it’s better,” Loftis added. “In addition to the programs exceptional growth, Future Scholar has one of the best state tax deductions of any 529 plan in the country, and our Financial Literacy Program, launched in 2015, has benefited more than 9,300 students in South Carolina.”
Future Scholar has also given more than $50,000 in privately funded grants to South Carolina families as part of its PalmettoBaby program, which for the past 4 years has awarded $529 to babies born on May 29th, National 529 College Savings Day.