Topic- Maximizing College Savings through 529 Plans
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, South Carolina State Treasurer, Curtis M. Loftis, Jr. addressed changes to 529 Plans. He also talked about ways parents and grandparents can maximize their savings potential while decreasing their taxes through contributions to the SC Future Scholar program.
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.