College Planning Through 529 Plans- October 2, 2020
October 2 @ 12:00 pm - 1:00 pm
Topic- Maximizing College Savings through 529 Plans
Tax-favored savings accounts known as 529 plans can help families save and invest to pay for college. For 18 years, Future Scholar has helped South Carolina families reach their financial educational goals for their children. The highly-rated 529 college savings program continues to provide numerous benefits such as tax advantages, investment options, and flexibility of use that enable families to save for their loved ones’ futures.
There have been a lot of changes to college savings and 529 plans due to the COVID-19 CARES Act and the SECURE Act that was passed in late 2019. Thanks to the CARES Act, payments are temporarily suspended for federal student loan borrowers with direct loans or parent PLUS loans. Under the Secure Act, approved in December, up to $10,000 can be used to repay student loans, and the law also allows 529 funds to be used for apprenticeships.
On October 2, 2020, our South Carolina State Treasurer, Curtis M. Loftis, Jr. will address changes to 529 Plans. He will also talk about ways parents and grandparents can maximize their savings potential while decreasing their taxes through contributions to the SC Future Scholar program.
(Be sure to RSVP Below to get the Zoom Link)
Bio- Curtis M. Loftis, Jr.
Curtis Loftis is the State Treasurer of South Carolina. He serves as the state’s “private banker,” managing, investing, and retaining custody of more than $50 billion in public funds.
Treasurer Loftis is a nationally recognized advocate for public pension reform, a cause he has championed since taking office in 2011.
As state treasurer, he returned $190 million in unclaimed funds to South Carolinians, more than all previous state treasurers combined. Under his supervision, the state’s Future Scholar 529 College Savings Plan has tripled with total assets under management of $4.2 billion and more than 180,000 accounts. He chairs the State Board of Financial Institutions and is also the administrator for the Palmetto ABLE Savings Program, which provides South Carolinians with disabilities the opportunity to open tax-advantaged 529-A investment accounts without fear of jeopardizing their existing benefits.