The Future Scholars, the SC 529 college savings plan, has announced that they will give a $529 bonus to any accounts opened before August 30 which list a child born on 5/29/2013 as a beneficiary. Visit their website for all the details.
Even if your child wasn’t born this past Wednesday, a 529 savings plan is a great way to prepare for college.
- There are tax benefits.
- It can really add up. $50 a month over 18 years is over $10,000, but could grow to $30,000, depending on your rate of return.
- Your can change the beneficiary if your child does not need the funds for college.
- Family members can make gift donations.
- It makes discussions with financial aid offices so much easier. (Oh, how I wish every conversation start with, “We’ve got thousands saved up and want to figure out how to best spread it over four years.”)
- It sends a strong message to your child that you expect them to attend college.
While I doubt that a lot of people reading this blog have newborns, perhaps you know someone for whom this information would be useful.